Bitcoin ETF Applicants Undaunted by SEC Pushback: Crypto in DC

BlackRock Inc. and Valkyrie refiled their application for an exchange-traded fund that invests directly in Bitcoin, shoring up their filings after the Securities and Exchange Commission indicated the recent wave of requests seeking to launch such a product were insufficient.

Both firms said via new documents with the SEC that Coinbase Global Inc. will provide market surveillance in support of their proposed ETF. Such surveillance could dramatically reduce fraud and market manipulation, analysts say, addressing top reasons why the regulator has rejected around 30 spot Bitcoin ETF applications so far.

BlackRock Chief Executive Officer Larry Fink said Bitcoin was ...