- Cboe BZX has notified the SEC that Global X has withdrawn its application for a spot Bitcoin ETF.
- Analyst James Seyffart said the decision was “expected” as the company had long since pulled out of the race.
Global X has withdrawn its application for a spot Bitcoin ETF. This follows from documentssent to the US Securities and Exchange Commission (SEC) by the Cboe BZX exchange.
The supplier submitted the application in August 2023. However, the company did not receive approval from the Commission along with other firms.
In addition to Global X, the regulator also closed applications from suppliers Pando Asset Management and 7RCC. However, both of these companies filed papers much later – in December 2023.
The documents do not indicate the reason for abandoning plans to launch a spot Bitcoin ETF. However, Bloomberg Intelligence analyst James Seyffart noted that this was “expected.”
According to him, the company dropped out of the race in December 2023. The decision to withdraw the application only confirmed this.
We previously reported that the CEO of Grayscale Investments, Michael Sonnenshein, predicted that most of these funds would leave the market.
The head of Ark Invest, Cathie Wood, agrees with him. She expects some spot Bitcoin ETFs to simply collapse, while others will consolidate.