Global X Pulls Back on Spot Bitcoin ETF Application

Global X, known for its range of exchange-traded funds (ETFs), has taken a step back from its ambitions in the cryptocurrency space by retracting its application for a spot bitcoin ETF, as revealed in a recent regulatory filing on Tuesday. This move sets Global X apart as the first among its peers who had sought approval from the U.S. Securities and Exchange Commission (SEC) last year to withdraw their application.

As of December 2023, Global X managed approximately $51 billion in assets across its ETFs globally, showcasing its significant presence in the investment management sector. This decision comes at a time when the SEC has given the green light to 11 spot bitcoin ETFs earlier in the month, including notable offerings like BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust. These approvals marked a significant milestone for the cryptocurrency industry, bridging the gap between digital assets and traditional investment vehicles, and opening the market to a broader investor base after years of regulatory hurdles