The exchange on Monday submitted new documents with the US Securities and Exchange Commission to indicate that Coinbase Global Inc. will provide market surveillance in support of the proposed ETF from the world's largest asset manager. The move came after the regulatory agency had said that initial filings by issuers were deemed to be insufficient and lacked necessary information.

A number of other companies had last week made their applications more specific as well, with Fidelity Investments, Invesco, VanEck, 21Shares and WisdomTree all amending their proposals.

Earlier: Fidelity Leads Flurry of Bitcoin ETF Refilings to Answer SEC

Crypto market surveillance may be key to gaining SEC approval for a spot Bitcoin ETF, analysts say. The surveillance could dramatically reduce fraud and market manipulation, which were top reasons the agency has rejected around 30 spot Bitcoin ETF applications to date.

Following BlackRock's mid-June filing for such an ETF, a slew of other firms filed or refiled for spot products amid market optimism that the SEC could reverse its long-standing view that such a fund shouldn't be allowed. In evidence of a partial thaw, the agency did allow ETFs tied to Bitcoin futures in 2021 and recently also green-lit a leveraged Bitcoin-futures fund.

BlackRock's initial filing in mid-June not only set off a race among other issuers for similar filings, but also sparked a rally for cryptocurrencies broadly. Bitcoin has added more than 10% over the past month alone and is up more than 80% since the start of the year. The idea of a potential spot ETF is exciting for many fans of digital assets because it could mean greater accessibility for everyday investors.