Coinbase Global Inc. shares COIN were dropping about 2% in morning trading Friday after The Wall Street Journal reported that the Securities and Exchange Commission has deemed inadequate applications by BlockRock Inc. BLK , Fidelity and other asset managers for the introduction of spot bitcoin exchange-traded funds. Coinbase shares have been on a sharp rally since BlackRock revealed its plans for such an ETF earlier this month, and a decline for Coinbase’s stock in Friday’s session would snap a five-session winning streak that saw the name surge 26% across the five trading days through Thursday. Coinbase was expected to have a custodial role related to the ETF. The WSJ report discussing the SEC’s negative assessment of the applications cited multiple unnamed sources, and the SEC didn’t immediately respond to a MarketWatch request for comment about the report. Shares of MicroStrategy Inc. MSTR, seen as a play on bitcoin due to its holdings in the cryptocurrency, were off 1.4% in Friday’s session, while bitcoin itselfBTCUSD was down 1.4% as well.
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