Global X, the ETF provider, has officially withdrawn its application for a spot Bitcoin ETF, becoming the first among last year’s SEC approval seekers to do so. The CBOE BZX Exchange submitted the notice of withdrawal for the Global X Bitcoin Trust on January 26. This move comes roughly two weeks after the SEC approved 11 other spot Bitcoin ETFs.

The initial application for the Global X Bitcoin Trust was submitted in August 2023. Despite receiving two extensions for consideration in September and November, the exchange decided to withdraw its proposal in January 2024. As of December 2023, Global X managed approximately $51 billion in assets under management across its ETFs worldwide.

ETF analyst James Seyffart from Bloomberg Intelligence commented on the withdrawal, noting that it wasn’t surprising based on prior indications. Seyffart explained that the official withdrawal request for Global X’s Bitcoin ETF was expected, as it had been known that they were no longer in contention since at least early December.

This decision to withdraw the application for a spot Bitcoin ETF comes at a time of complex regulatory developments. While the SEC approved 11 spot Bitcoin ETFs on U.S. exchanges on January 10, marking significant progress, the regulatory environment for digital assets remains uncertain.

The recent approvals by the SEC include products such as BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust, concluding a decade-long struggle between regulators and the digital asset industry. These developments have led to speculation about the SEC potentially approving spot Ethereum exchange-traded products in the near future. Proposals from asset managers BlackRock and Grayscale have been extended, with final decisions expected in May.

Despite some outflows from the Grayscale Bitcoin Trust following its conversion to an ETF as of January 26, there were net inflows of $759 million across all approved spot Bitcoin ETFs on January 10.

Attention is now turning to the possibility of a spot Ethereum ETF, with firms like Fidelity and BlackRock submitting applications for such products. While some experts anticipate approval by May, there is ongoing uncertainty in this evolving sector, with varying opinions on the timeline for regulatory decisions.

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