Cboe withdraws Global X’s application to launch a spot bitcoin ETF

The company has been trying to launch an exchange-traded crypto product since 2021

31.01.2024 - 12:35

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What’s new? Cboe BZX exchange has filed a notice of withdrawal of its application to launch a spot bitcoin exchange-traded fund (ETF) from exchange-traded fund provider Global X, the US Securities and Exchange Commission (SEC) reported. The application was filed in August 2023, after which the SEC delayed the final deadline for a ruling on it twice, in September and November. In January, the fund was not on the list of BTC ETFs approved by the regulator.

SEC statement

What is known about Global X? The company was founded in 2008 in New York. As of December 2023, Global X had about $51 billion in exchange-traded funds under management. The company first filed a request for a BTC ETF listing back in July 2021.

Bitcoin ETF situation. On January 11, 11 spot BTC ETFs were admitted to the US market. Already on January 16, their total daily trading volume surpassed the figure of five hundred exchange-traded funds launched last year. Two days later, bitcoin surpassed silver to become the second-largest commodity ETF in the United States.

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