Cboe exchange says Global X's spot bitcoin ETF application has been withdrawn

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Quick Take

Cboe BZX Exchange filed a notice of the withdrawal, according to the Securities and Exchange Commission.

An application for spot bitcoin exchange-traded fund from Global X has been withdrawn, according to a filing from an exchange.

Cboe BZX Exchange filed a notice of the withdrawal on Jan. 26, according to a filing notice from the Securities and Exchange Commission on Tuesday.

The SEC approved 11 spot bitcoin ETFs on Jan. 10 after years of disapprovals over fraud and manipulation concerns. Tides turned after a D.C. court ruled over the summer that the agency had to re-review a bid from Grayscale Investments for its spot bitcoin ETF.

Unsurprising move

Bloomberg Intelligence ETF analyst James Seyffart said Global X's withdrawal was not surprising.

"Official withdrawal request for @GlobalXETFs' #Bitcoin ETF. This is not surprising because we have known they were out of the race since at least early December but now its official," Seyffart said in a post on X.

Eyes are now turned toward the potential for a spot Ethereum ETF, as big name firms such as Fidelity and BlackRock have also applied for a spot Ethereum ETF over the last few months.

Global X did not respond to a request for comment.

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