Nasdaq has submitted an application for the asset manager Valkyrie for spot Bitcoin ETF, this time, it includes Coinbase as a surveillance sharing partner. This came following a similar trend observed in recent filings from other asset management giants such as BlackRock and Fidelity.

Last month, Valkyrie Funds which initially proposed plans to list shares on Nasdaq is now the latest asset manager to leverage a surveillance sharing agreement with the crypto exchange Coinbase. The new filing indicates that Coinbase, which represents a considerable portion of the US-based Bitcoin trading platform, will be the intermediary for these Exchange Traded Funds.

“Trading of Bitcoin on Coinbase represents a significant portion of US-based Bitcoin trading,” the exchange said in the filing. “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.”

Meanwhile, the US Securities and Exchange Commission (SEC) has not approved a spot Bitcoin ETF, the recent applications including Coinbase in surveillance sharing agreements have caused a spark in the price of Bitcoin and the entire crypto market in the past month.

Despite the SEC’s concerns about market manipulation, investor protection, and custody issues, the race for approval is heating up. If approved, Valkyrie’s ETF would be the first of its kind in the United States.

The refiling comes at a time when Bitcoin is trading at around $30,439, per data by CoinGecko, and the market is eagerly awaiting the SEC’s decision.