The shares of Coinbase and Microstrategy experienced a surge following the news that Cboe's BZX Exchange has refiled its applications for several spot Bitcoin exchange-traded funds (ETFs). Coinbase, which was selected for market surveillance-sharing agreements in the ETF applications, saw its shares rise by over 10% to surpass $80.

Cboe has been collaborating with various providers, including Fidelity, WisdomTree, and ARK Invest, to secure approval for a spot Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC). BlackRock is pursuing a similar path with Nasdaq. After the SEC rejected their applications for not specifying the exchange they were partnering with for surveillance-sharing agreements, Cboe refiled, naming Coinbase as the partner.

The rise in Coinbase's shares mirrored the increase in Bitcoin's value, which was up by approximately 2% to over $31,000. Microstrategy, a business intelligence company that holds over $4.6 billion in Bitcoin, also saw its shares rally, with a rise of around 10% to $375, their highest level in over a year.

Crypto analysts view the growing likelihood of a spot Bitcoin ETF finally receiving SEC approval as a bullish sign for Bitcoin, as it could facilitate adoption by traditional investors with stock accounts.