Global X Withdraws Bitcoin ETF Proposal

Move follows recent approval of 11 other spot bitcoin ETFs by the SEC.

Global X, a provider of exchange-traded funds, has withdrawn its application for a spot bitcoin ETF.
The withdrawal comes after the SEC approved 11 spot bitcoin ETFs earlier this month.
Global X had previously pursued a similar fund in 2021, but faced resistance from the SEC.
Other firms, including Pando Asset Management and 7RCC, have also filed for spot bitcoin ETFs but have yet to receive approval.
Despite the withdrawal, the cryptocurrency industry has seen a surge of new investors following the approval of the 11 spot bitcoin ETFs.