Global X Withdraws Bitcoin Spot ETF Application

• Spot Bitcoin ETF Application Withdrawn by Global X
• Global X Refiles and Withdraws Spot Bitcoin ETF
• BlackRock's iShares Bitcoin Trust Leads the Market
• ETFs Attract Nearly $250 million in Capital

Spot Bitcoin ETF Application Withdrawn by Global X

Global X, previously in contention for a spot Bitcoin$42,260 -0.64% exchange-traded fund (ETF), has withdrawn their application according to a notice from Cboe BZX Exchange on January 30. The notice indicates that Cboe BZX Exchange has withdrawn its proposal to list and trade shares for the potential spot Bitcoin ETF by Global X. This move comes after the Securities and Exchange Commission (SEC) delayed its decision on the application twice prior to the official withdrawal on January 26.

Global X Refiles and Withdraws Spot Bitcoin ETF

In August 2023, Global X refiled for a spot Bitcoin ETF after initially applying in July 2021. This removal occurs three weeks after eleven other issuers listed their ETFs in the market on January 11.

BlackRock's iShares Bitcoin Trust Leads the Market

BlackRock's iShares Bitcoin Trust (IBIT) is currently leading the race with more than $2.6 billion total flows across 13 days of trading. Fidelity's Wise Origin Bitcoin Fund (FBTC) follows behind.

ETFs Attract Nearly $250 million in Capital

Overall, these ETFs have attracted close to $250 million in capital. This figure is significantly lower than the flows of BlackRock and Fidelity due to the persisting high outflows from Grayscale Bitcoin Trust (GBTC). Since its introduction, the fund has seen nearly $5.4 billion in outflows.

Edited by Jonathan Stoker