The Nasdaq exchange has submitted a revised application to list a proposed bitcoin exchange-traded fund (ETF) from BlackRock, the world’s largest asset management firm, citing Coinbase as the market that will be monitored in its surveillance-sharing agreement.

Bitcoin Depot, a U.S. Bitcoin automated teller machine (ATM) company, has debuted on the Nasdaq stock exchange, making it the first Bitcoin ATM company to go public. The firm, which operates over 6,000 Bitcoin kiosks across North America, merge with a special purpose acquisition company (SPAC) to list on the Nasdaq.

Thailand has become the latest Southeast Asian nation to introduce stricter cryptocurrency regulations, banning exchanges from offering lending services in a renewed commitment to investor protection.

Top stories in the Crypto Roundup today:

• BlackRock Bitcoin ETF Application Includes Coinbase Surveillance Sharing
• Bitcoin Depot Becomes First Crypto ATM Company to Go Public on Nasdaq
• Thailand Bans Crypto Lending Services, Requires Risk Disclaimer
• Chart of the Week: Bitcoin Price and Open Interest Following SEC’s Comments on ETF Filings

BlackRock Bitcoin ETF Application Includes Coinbase Surveillance Sharing

The Nasdaq-listed exchange has submitted a revised application to list a proposed bitcoin exchange-traded fund (ETF) from BlackRock, the world’s largest asset management firm, citing Coinbase as the market that will be monitored in its surveillance-sharing agreement.

The agreement, an anti-market manipulation mechanism, was in the first filing, but the revised application comes after the U.S. Securities and Exchange Commission (SEC) signaled that the filings were “inadequate” without naming the partner in it.

This feedback has spurred several firms, including BlackRock and its rival, Fidelity, to update their applications accordingly, declaring Coinbase as their surveillance partner. These updated filings are seen as critical to gain regulatory approval for spot Bitcoin ETFs, as sponsors must establish these agreements with a sizable, regulated market.

The recently submitted document by Nasdaq reveals that the exchange and Coinbase agreed to the terms of their surveillance-sharing agreement on June 8.

Coinbase has been a major player in the digital asset exchange landscape, representing around 56% of U.S. dollar-to-bitcoin transactions on domestic platforms so far this year, per the filing.

Bitcoin Depot Becomes First Crypto ATM Company to Go Public on Nasdaq

Bitcoin Depot, a U.S. Bitcoin automated teller machine (ATM) company, has debuted on the Nasdaq stock exchange, making it the first Bitcoin ATM company to go public. The firm, which operates over 6,000 Bitcoin kiosks across North America, merged with a special purpose acquisition company (SPAC) to list on the Nasdaq.

Bitcoin Depot, trading under the symbol BTM, had a share price of $3.61 at the time of writing, according to Nasdaq data. Earlier today, the price reached a peak of $6.66, showing significant volatility.

In a press release, the company’s founder and CEO Brandon Mintz said the firm is “well positioned with the largest market share in North America” and said the additional capital will help it support “numerous growth opportunities.”

Based in Atlanta, Georgia, Bitcoin Depot claims to be the largest Bitcoin ATM provider in North America, allowing users to buy and sell cryptocurrencies through its machines without having to use an exchange.

Bitcoin ATMs used to be anonymous, but now they are regulated by the Financial Crimes Enforcement Network (FinCEN) in the U.S. after the Internal Revenue Service (IRS) warned that they could be used for money laundering purposes.

Thailand Bans Crypto Lending Services, Requires Risk Disclaimer

Thailand has become the latest Southeast Asian nation to introduce stricter cryptocurrency regulations, banning exchanges from offering lending services in a renewed commitment to investor protection.

The move came with a release from the Thai Securities and Exchange Commission (SEC) outlining new guidelines prohibiting exchanges from offering “depository service that offer returns to depositors and lenders,” and follows a similar announcement from Singapore.

In addition to the ban, the Thai SEC has implemented a new requirement for a clear risk disclaimer, warning customers of the high-risk nature of digital asset investments, with the warning having to explicitly state that individuals could potentially lose all of their investments in cryptocurrencies.

To use cryptocurrency exchange services, users will be required to acknowledge these risks. The SEC is further strengthening investor protection through mandatory investor suitability assessments that will determine the extent of a user’s suitability to invest in digital assets.

Last year, Thai authorities had already restricted the use of cryptocurrencies as a payment method, while allowing individuals to invest in them as assets. The newly implemented rules are scheduled to take effect from July 31, 2023.

Chart of the Week: Bitcoin Price and Open Interest Following SEC’s Comments on ETF Filings

Despite the Securities and Exchange Commission's (SEC) criticisms of ETF applications, crypto markets have shown a restrained reaction. The price of Bitcoin fell from $31,116 to $29,613, and open interest for futures contracts saw a decrease of 11.9%, dropping from $10.4 billion to $9.3 billion.

Nevertheless, the market sentiment remains optimistic regarding the potential for Bitcoin ETFs from financial giants BlackRock and Fidelity.

State of the Crypto by Top Tier Exchange Volume

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