Valkyrie Funds, an investment firm, has filed for a spot Bitcoin exchange-traded fund (ETF) and intends to utilize a surveillance sharing agreement with the crypto trading platform Coinbase.

Valkyrie submitted the ETF application earlier this month with plans to list its shares on the Nasdaq exchange. In a recent filing on July 3, released on Wednesday, Nasdaq listed Coinbase as a surveillance sharing partner, following a trend seen in other ETF applications that have been resubmitted in recent weeks.

The filing stated, “Bitcoin trading on Coinbase represents a significant portion of US-based Bitcoin trading. According to the Sponsor, the Exchange aims to enter into a surveillance-sharing agreement with Coinbase, the operator of the largest United States-based spot trading platform for Bitcoin, representing a majority of global spot BTC trading paired with USD.”

The surge in Bitcoin price, currently trading around $30,344 according to CoinGecko, has been fueled by the excitement surrounding the ETF filings. The US Securities and Exchange Commission (SEC) has yet to approve a spot Bitcoin ETF, but the competition has intensified with filings from major asset managers such as BlackRock and Fidelity, both of which have included Coinbase in their surveillance sharing agreements.

It is worth noting that cryptocurrency ETFs provide investors with a new avenue to invest in the crypto market without directly owning the digital currency. The inclusion of surveillance sharing agreements with crypto trading platforms is crucial for ensuring integrity and security in the trading of these crypto ETFs.

The growing interest in crypto ETFs and surveillance sharing agreements is expected to continue driving Bitcoin prices and boosting investor confidence in the cryptocurrency market.