According to Blockworks, Global X has filed to withdraw its proposed spot bitcoin ETF application, weeks after the Securities and Exchange Commission (SEC) approved several ETFs. The company had previously pursued a similar fund in 2021 but faced resistance from the SEC. Global X first submitted its proposal in August, but the decision on the bitcoin ETF was delayed by the SEC, like other applicants. In January, the SEC issued numerous ETF decisions, but Global X was not included.
Global X did not immediately respond to a request for comment. The firm was not on the final list of potential ETFs earlier this month after failing to file updated documentation alongside other potential ETF issuers. Global X was not the only bitcoin ETF hopeful that did not make it across the finish line. Pando Asset Management entered the race in December and has yet to receive approval for its proposed spot bitcoin ETF.
Similarly, 7RCC filed for a spot bitcoin ETF that would also hold carbon credit futures contracts. The proposal, submitted in December, has not yet received regulatory approval. After obtaining approval, nearly a dozen bitcoin ETFs were launched earlier this month. These funds, including Grayscale, BlackRock, and Fidelity, have experienced billions in outflows, primarily from GBTC. However, JPMorgan analysts believe that GBTC's outflows are slowing.
The group has remained competitive, with most funds offering fee waivers for a set amount of time or assets. On Monday, Invesco Galaxy, which provides a six-month or $5 billion in assets waiver, announced that it was reducing its fee to 0.25% from 0.39%. Excluding Grayscale, which has a 1.5% fee, the group has very low fees ranging from 0.19% to 0.30%.