Global X Withdraws Application for Spot Bitcoin ETF
Global X, a provider of exchange-traded funds, has become the first company to withdraw its application for a spot bitcoin ETF. The withdrawal was revealed in a regulatory filing on Tuesday. Global X currently manages around $51 billion of assets in its ETFs worldwide, as of December 2023.
SEC Approves 11 Spot Bitcoin ETFs
In a significant move for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) recently approved 11 spot bitcoin ETFs. This approval includes popular options like BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust. After a lengthy battle with the digital asset industry, this decision by the SEC opens the doors to new investors looking to enter the cryptocurrency market.
Hot Take: A Turning Point for Cryptocurrency Investments
The approval of multiple spot bitcoin ETFs by the SEC marks a turning point for cryptocurrency investments. With these new investment options, more investors can easily access and invest in bitcoin through regulated channels. This development is expected to bring further legitimacy and stability to the cryptocurrency market, attracting institutional investors and expanding mainstream adoption. It will be interesting to see how these approved ETFs perform and whether they can fulfill their potential as vehicles for widespread cryptocurrency investment.
Cindy Dutta emerges as a polymath of the crypto realm, seamlessly blending the roles of analyst, researcher, and editorial virtuoso. Navigating the intricate labyrinth of cryptocurrencies, Cindy unfurls intricate patterns of digital assets, resonating harmoniously with minds of all kinds. Her knack for unraveling enigmatic crypto intricacies intertwines effortlessly with her editorial finesse, transmuting complexity into an immersive symphony of comprehension.