BlackRock’s bitcoin ETF filing is a vote of confidence in Coinbase, one analyst says. Here’s why.

Led by BlackRock, several major asset managers, such as Fidelity, Invesco, WisdomTree and VanEck, recently filed applications for exchange traded products that invest directly in bitcoin, and named Coinbase as their partner for an important surveillance sharing agreement in their filings.

The U.S. Securities and Exchange Commission has approved several bitcoin BTCUSD futures-based ETFs in the past, but has yet to greenlight anything that is backed by bitcoin itself. BlackRock BLK and Invesco IVZ declined to comment. Representatives at Coinbase, Fidelity, WisdomTree WT and VanEck didn’t respond to requests for comment.

BlackRock, in its initial spot bitcoin ETF filing, noted that it will use a surveillance agreement, which requires the sharing of information about market trading activity, clearing activity, and customer identity, for the fund. “In my opinion, [the asset managers] are downplaying the risk of a successful lawsuit against Coinbase,” Mark Connors, head of research at digital asset manager 3iQ, said in a phone interview. “BlackRock’s filing means that they vote that the SEC will not prevail in their case against Coinbase.”

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