Global X, an ETF provider, has released its spot Bitcoin ETF application

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Global X, an ETF provider, has released its spot Bitcoin ETF application
Global X, an ETF provider, has released its spot Bitcoin ETF application

Global X, an exchange-traded fund provider, has withdrawn its application for a spot bitcoin ETF, making it the first company to do so. 

Global X, an exchange-traded fund provider, has withdrawn its application for a spot bitcoin ETF, according to a regulatory filing on Tuesday, becoming the first company to do so since applying to the US Securities and Exchange Commission for approval last year.

According to the company’s website, as of December 2023, its ETFs managed about $51 billion in assets worldwide.

The US Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs earlier this month, including BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust, among others, following a decade-long battle with the digital asset market.

The items were a watershed event in the cryptocurrency market, opening its doors to a wave of new investors.

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