ETF provider Global X has withdrawn its application to launch a spot Bitcoin ETF, thus becoming the first company to withdraw its application among those that sought SEC approval last year.
According to a regulatory filing on Tuesday with the US Securities and Exchange Commission, the company had approximately $51 billion in assets under management worldwide through December 2023.
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The regulator earlier this month approved 11 spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust and the Grayscale Bitcoin Trust.
These products marked a milestone in the world of cryptocurrencies and allowed a large number of new investors to enter the market.