Cboe Withdraws Bitcoin ETF Application

Cboe BZX Exchange withdrew its application for a rule change to list Global X’s spot Bitcoin ETF after SEC rejected it’s application.

The Cboe BZX Exchange has withdrawn its application for a proposed rule change with the United States Securities and Exchange Commission.

The approval of the rule change would have allowed the Cboe BZX Exchange to list shares in Global X’s spot Bitcoin exchange-traded fund (ETF).

On January 30, the Securities and Exchange Commission (SEC) announced that it had rejected Cboe BZX’s application to list and trade shares of the Global X Bitcoin Trust, which was first submitted in August 2023.

On January 26, the commission announced that the exchange had officially withdrawn its request, even though it had twice provided an extension of review for the application in September and November.

The commission made the announcement about three weeks after the Securities and Exchange Commission (SEC) formally allowed listings of spot Bitcoin exchange-traded funds (ETFs) on U.S. exchanges for the first time.

As a result of the SEC’s acceptance of spot Bitcoin exchange-traded funds (ETFs), many people believe that the SEC will soon grant the stamp of approval to spot Ether exchange-traded funds (ETFs).

As of May, the commission is expected to complete its final decisions regarding the offerings made by asset managers BlackRock and Grayscale, after pushing back the deadlines.

As of January 26, the Grayscale Bitcoin Trust experienced around $5 billion in outflows due to its conversion to an exchange-traded fund (ETF), while all spot Bitcoin ETFs approved by the SEC on January 10 saw $759 million in net inflows.