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Post: Withdrawal of Application for Global X Bitcoin Trust Listing: Impact of SEC’s Approval of Spot Bitcoin ETFs

Withdrawal of Application for Global X Bitcoin Trust Listing: Impact of SEC’s Approval of Spot Bitcoin ETFs

Key Points:

  • The Cboe BZX Exchange has withdrawn its application to list shares of the Global X Bitcoin Trust.
  • The application was first filed in August 2023 and had previously been extended for consideration.
  • This comes after the SEC approved listings of spot Bitcoin ETFs on U.S. exchanges.

Withdrawal of Application for Spot Bitcoin ETF

The Cboe BZX Exchange has decided to withdraw its application with the SEC to list and trade shares of the Global X Bitcoin Trust. The application was originally filed in August 2023 and had been extended for consideration twice in September and November. However, the exchange officially withdrew the proposal on January 26th. It is unclear why the application was withdrawn.

After SEC Approval of Spot Bitcoin ETFs

The withdrawal of the application comes in the wake of the SEC’s approval of spot Bitcoin ETF listings on U.S. exchanges. This development marks the first time that spot Bitcoin ETFs have been approved for listing in the U.S. It is worth noting that the SEC’s approval of spot Bitcoin ETFs does not directly impact the status of the Global X Bitcoin Trust application, as the trust would trade differently from a spot ETF.

Hot Take:

The withdrawal of the application is a disappointing development for those hoping to see more Bitcoin-related investment products on regulated exchanges. The SEC’s recent approval of spot Bitcoin ETFs created optimism for further Bitcoin-related listings, but the withdrawal of this application brings uncertainty about the future of the Global X Bitcoin Trust. It remains to be seen if any other entities will file similar applications and if they will receive approval from the SEC.

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