Cboe Exchange Officially Withdraws Application for Global X Spot BTC ETF

The Chicago Board Options Exchange, or Cboe, has officially withdrawn the application for a proposed rule change it filed on behalf of Global X, a New York-based provider of exchange-traded funds (ETFs), that could’ve allowed the firm to list the shares of its spot Bitcoin ETF.

Meanwhile, around eleven spot Bitcoin ETF applications were approved by the United States Securities and Exchange Commission (SEC) on January 10. 

Cboe Withdraws Application

The SEC confirmed via a Tuesday notice that Cboe BZX had withdrawn the application for listing and trading shares of the Global X Bitcoin Trust. Interestingly, the application was first filed in August 2023.

The regulator noted that it had extended the deadline for consideration twice, the first time in September and then in November, but added that Cboe officially decided to withdraw its application for the Global X Bitcoin Trust by January 26. 

Cboe Withdrawal is Unsurprising

Prominent Bloomberg Intelligence analyst James Seyffart noted in a post on social media platform X (formerly known as Twitter) that he was not surprised with the decision taken by Cboe and Global X.

“This is not surprising because we have known they were out of the race since at least early December but now its official,” Seyffart added. 

Trading of Spot Bitcoin ETFs

The SEC approved spot BTC ETF applications from BlackRock, Grayscale, Bitwise, Fidelity, and ARK Invest, among other firms. As reported earlier by TheCoinRise, the newly-added shares of BTC ETFs have shaken the market dynamics within 13 days of trading. 

Excluding Grayscale Bitcoin Trust (GBTC), Bitwise(BITB), Fidelity Investments (FBTC), BlackRock(IBIT), VanEck(HODL), Valkyrie(BRRR), Franklin Templeton (EZBC), Ark 21Shares (ARKB), Invesco (BTCO), and WisdomTree (BTCW), have accumulated 150,000 Bitcoins.

Another notable fact to mention here is that American stock exchanges, Cboe and Nasdaq, plan to provide investors with access to the trading of options in the recently-approved spot Bitcoin ETFs.

Approval of the Spot Ethereum ETF

The digital asset sector is now eyeing the approval of a spot Ethereum ETF. Leading firms like Grayscale and BlackRock have filed an application with the SEC for approval, and the regulator has postponed its decision as expected. 

The deadline for the same is in May, and the crypto community expects simultaneous approval of all the spot ETH ETF applications by the SEC.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change,” said the SEC’s assistant secretary, Sherry Haywood, in a January 24 filing.