An application for spot bitcoin exchange-traded fund from Global X has been withdrawn, according to a filing from an exchange.
Cboe BZX Exchange filed a notice of the withdrawal on Jan. 26, according to a filing notice from the Securities and Exchange Commission on Tuesday.
The SEC approved 11 spot bitcoin ETFs on Jan. 10 after years of disapprovals over fraud and manipulation concerns. Tides turned after a D.C. court ruled over the summer that the agency had to re-review a bid from Grayscale Investments for its spot bitcoin ETF.
Unsurprising move
Bloomberg Intelligence ETF analyst James Seyffart said Global X’s withdrawal was not surprising.
“Official withdrawal request for @GlobalXETFs‘ #Bitcoin ETF. This is not surprising because we have known they were out of the race since at least early December but now its official,” Seyffart said in a post on X.
Eyes are now turned toward the potential for a spot Ethereum ETF, as big name firms such as Fidelity and BlackRock have also applied for a spot Ethereum ETF over the last few months.
Global X did not respond to a request for comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.
