Bitcoin ETF Boost: Coinbase Surges as U.S. Approval Probability Rises

Coinbase, the largest U.S. cryptocurrency platform, saw its shares surge 13% after exchange operator Cboe named it in its application to launch a spot bitcoin exchange-traded fund (ETF). Cboe refilled its application with the U.S. Securities and Exchange Commission (SEC) and named Coinbase as the platform that would help detect fraud in the underlying bitcoin markets. The SEC has previously rejected spot bitcoin ETF applications, citing concerns about fraudulent and manipulative practices. Coinbase shares closed up 11.7% and have more than doubled this year.