Summary
Global X has filed to withdraw its proposed spot bitcoin ETF after the SEC approved several other ETFs. This is not the first time the firm has faced resistance from the SEC, as a similar proposal was met with opposition in 2021. Global X filed its proposal in August but was not included in the SEC’s January decisions on ETFs. The firm did not comment on the withdrawal. Other bitcoin ETF hopefuls, such as Pando Asset Management and 7RCC, have also yet to receive approval. Despite the approval of other bitcoin ETFs, JPMorgan analysts believe that the hype around these ETFs may be abating. The group of approved ETFs has seen significant outflows, particularly from GBTC. The group has also remained competitive in terms of fees, with most funds offering fee waivers or low fees ranging from 0.19% to 0.30%.
Key Points
1. Global X filed for a spot bitcoin ETF but ultimately withdrew its proposal after the SEC approved other ETFs.
2. Global X had previously attempted to file a similar fund in 2021 but faced resistance from the SEC.
3. Despite the approval of multiple bitcoin ETFs, Global X was notably absent from the SEC’s January decisions and did not make it onto the final list of potential ETFs this month.