According to a filing from an exchange, Global X has withdrawn their application for a spot Bitcoin exchange-traded fund.
The Cboe BZX Exchange notified the Securities and Exchange Commission of the withdrawal on January 26.
This comes after the SEC recently approved 11 spot Bitcoin ETFs, a change from their previous stance of disapproval due to concerns of fraud and manipulation.
The reversal was prompted by a D.C. court’s ruling in the summer that required the SEC to re-review Grayscale Investments’ bid for a spot Bitcoin ETF.
Financial analyst Seyffart noted that the withdrawal from Global X was expected, as they had been considered out of the race since December. Attention has now shifted to a potential spot Ethereum ETF, with notable companies like Fidelity and BlackRock also applying for one in recent months.
