Global X Withdraws Spot Bitcoin ETF Application as Market Competition Intensifies

Global X, a thematic-focused ETF issuer with $42 billion across 108 funds, has decided to withdraw its plan to launch a spot bitcoin ETF. The CBOE BZX Exchange, where the fund was supposed to list, filed a notice on January 30, officially withdrawing the fund. Global X had sought approval for its Global X Bitcoin Trust in 2021, but it didn't make it among the 11 spot bitcoin ETFs that started trading on January 11, following SEC approval. The enthusiasm for these funds initially attracted significant investments, but lately, the pace of inflows has slowed down. Major players like the iShares Bitcoin ETF and the Fidelity Wise Origin Bitcoin Fund have garnered substantial assets under management since their January 11 debut. Global X stated that a spot bitcoin ETF is not a current priority, focusing instead on digital asset strategies addressing investor concerns such as volatility management, rather than a pure buy-and-hold bitcoin strategy.