-AD-
HomeNewsCboe Exchange Announces Withdrawal of Global X's Bitcoin ETF Application

Cboe Exchange Announces Withdrawal of Global X’s Bitcoin ETF Application

- Advertisement -
  • Global X has officially withdrawn its application for a spot bitcoin exchange-traded fund, following the SEC’s recent approval of 11 such ETFs.
  • The withdrawal, filed by Cboe BZX Exchange, comes amidst a shift in focus towards the potential of a spot Ethereum ETF, with industry giants like Fidelity and BlackRock showing interest.

Shifting Dynamics in Crypto ETF Market

In a notable development within the cryptocurrency exchange-traded fund (ETF) sector, Global X has retracted its application for a spot bitcoin ETF. This move comes in the wake of the Securities and Exchange Commission (SEC) approving multiple bitcoin ETFs, marking a significant change in the regulatory landscape.

The Withdrawal Process

Cboe BZX Exchange, on January 26, filed a notice of withdrawal for Global X’s bitcoin ETF application. The SEC acknowledged this filing on January 30, reflecting the changing dynamics in the crypto ETF market. This withdrawal signifies a strategic pivot for Global X amidst the evolving regulatory environment.

SEC’s Recent Bitcoin ETF Approvals

The SEC’s decision on January 10 to approve 11 spot bitcoin ETFs represented a major shift in the agency’s stance. For years, the SEC had resisted such approvals, citing concerns over fraud and manipulation in the cryptocurrency market. The change in policy followed a D.C. court ruling requiring the SEC to re-review a bid from Grayscale Investments for its spot bitcoin ETF.

Analysts’ Perspective on the Withdrawal

Bloomberg Intelligence ETF analyst James Seyffart remarked that Global X’s withdrawal was anticipated. He noted that indications of Global X being out of the race for a bitcoin ETF had been evident since early December. This official withdrawal aligns with the current market developments and the SEC’s recent actions.

Focus Shifts to Ethereum ETFs

The crypto ETF market is now witnessing a shift in focus towards spot Ethereum ETFs. Major financial firms, including Fidelity and BlackRock, have expressed interest and applied for spot Ethereum ETFs in recent months. This movement indicates a growing interest in diversifying the types of cryptocurrency assets available through ETFs.

Implications of Global X’s Decision

Global X’s decision to withdraw its bitcoin ETF application reflects a strategic realignment in response to the SEC’s recent approvals and the market’s growing interest in Ethereum ETFs. As the crypto ETF landscape continues to evolve, industry players are adjusting their strategies to align with regulatory developments and market opportunities.

As the cryptocurrency ETF market matures, the withdrawal by Global X and the increasing interest in Ethereum ETFs signal a new phase of growth and diversification in crypto asset investment vehicles. The industry’s response to these changes will be critical in shaping the future trajectory of cryptocurrency ETFs and their role in broader investment strategies.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES