Global X, a prominent exchange-traded funds (ETFs) provider, has officially pulled out its application for a spot bitcoin ETF, as revealed in a regulatory filing on Tuesday. This move positions Global X as the first among the companies that sought approval from the U.S. Securities and Exchange Commission (SEC) last year to withdraw their applications.
The company boasted approximately $51 billion in assets under management across its ETFs worldwide as of December 2023, as reported on its website.
In a recent development, the SEC granted approval for 11 spot bitcoin ETFs earlier this month, including renowned offerings like BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust. This decision concludes a decade-long struggle between the SEC and the digital asset industry.
The approval of these ETFs signifies a pivotal moment for the cryptocurrency sector, ushering in a new era by expanding access to a broader spectrum of investors.
