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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Cboe BZX Withdraws Application for Global X Bitcoin ETF Listing – CoinsMegaNews

Cboe BZX Withdraws Application for Global X Bitcoin ETF Listing

1 year ago CryptoExpert
Cboe BZX Withdraws Application for Global X Bitcoin ETF Listing

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As stated in an SEC filing on Tuesday, the ETF provider Global X has withdrawn its application for a spot in Bitcoin ETF.

The CBOE BZX Exchange submitted a notice of withdrawal for the Global X Bitcoin Trust on January 26, roughly two weeks after the SEC approved 11 other spot Bitcoin ETFs.

Global X Withdraws Application

The Global X Bitcoin Trust’s initial application was submitted in August 2023, and despite two extensions for consideration in September and November, the exchange officially withdrew its proposal on January 26. As of December 2023, Global X had approximately $51 billion in assets under management in its ETFs worldwide.

Bloomberg Intelligence ETF analyst James Seyffart commented on the withdrawal, stating that it was not surprising, given prior indications. Seyffart mentioned in a post on X that the official withdrawal request for Global X ETFs’ Bitcoin ETF was expected, as it was known they were no longer in contention since at least early December.

The decision to withdraw the application for a spot Bitcoin ETF comes amid a complex regulatory backdrop, notably characterized by the SEC’s landmark approval of spot Bitcoin ETFs on U.S. exchanges on January 10. While this marked a significant step forward, the overall regulatory environment remains uncertain.

Spot Bitcoin Approvals in the Spotlight

Earlier this month, the SEC approved 11 spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT.O) and Grayscale Bitcoin Trust (GBTC.P), among others, concluding a decade-long struggle with the digital asset industry.

The move has sparked speculation about the SEC potentially approving spot Ethereum exchange-traded products in the near future. The commission has extended deadlines for proposals from asset managers BlackRock and Grayscale, with final decisions anticipated in May.

Despite approximately $5 billion in outflows from the Grayscale Bitcoin Trust following its conversion to an ETF as of January 26, there were $759 million in net inflows across all spot Bitcoin ETFs approved by the SEC on January 10.

Attention is now focused on the possibility of a spot Ethereum ETF, with notable firms such as Fidelity and BlackRock recently submitting applications for such products. Meanwhile, industry experts remain cautiously optimistic, awaiting the SEC’s final decisions on pending spot Ethereum applications.

While some, like Bloomberg ETF analyst Eric Balchunas, predict a high likelihood of approval by May, others, including Morgan Creek Capital’s CEO Mark Yusko, express more conservative estimates, highlighting the ongoing uncertainty in this evolving sector.

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