Partnering with Coinbase Global may hinder rather than help Nasdaq's bid to win regulatory approval for a bitcoin exchange-traded-fund it wants to launch with BlackRock. Nasdaq last month filed a proposal with the U.S. Securities and Exchange Commission (SEC) to launch an ETF by BlackRock that would track the spot bitcoin market, triggering a flurry of similar filings from Cboe Global Markets for bitcoin ETFs by rivals including Fidelity and Invesco. After a decade of SEC rejections, the proposal from BlackRock, the world's largest asset manager, revived industry hopes that the SEC may finally be persuaded to greenlight a bitcoin ETF in what would be a watershed moment for the digital asset.