Global X withdraws bitcoin ETF proposal

Global X withdrew its bitcoin ETF proposal just weeks after the SEC gave other ETFs the green light

article-image

Global X and Ash Pollard/Shutterstock modified by Blockworks

share

Global X filed to withdraw its proposed spot bitcoin ETF weeks after a slew of ETFs were approved by the Securities and Exchange Commission. 

The proposed ETF was not the first of its kind filed by the firm. Back in 2021, Global X pursued a similar fund but was met with resistance from the SEC.

Global X first filed its proposal back in August, but — like other applicants — a decision on the bitcoin ETF was delayed by the SEC. In January, the SEC issued a slew of ETF decisions but Global X was notably absent. 

Read more: Bitcoin ETF Tracker

Global X didn’t immediately return a request for comment. 

The firm wasn’t on the final list of potential ETFs earlier this month after it failed to file updated documentation alongside other potential ETF issuers. 

Global X wasn’t the only one of the bitcoin ETF hopefuls that failed to make it across the finish line. Pando Asset Management joined the race back in December and has yet to receive approval for its proposed spot bitcoin ETF.

Read more: Bitwise publishes bitcoin ETF holdings address after on-chain sleuths uncover BlackRock’s

Similarly, 7RCC filed for a spot bitcoin ETF that would also hold carbon credit futures contracts. The proposal, filed in December, has yet to receive regulatory approval. 

After receiving approval, nearly a dozen bitcoin ETFs launched earlier this month. The funds — which include Grayscale, BlackRock and Fidelity — have seen billions in outflows, mostly from GBTC. 

JPMorgan analysts, however, believe that GBTC’s outflows are slowing.

“As we’ve been seeing transaction volumes slowing this past week, we think we are perhaps seeing indication of the hype around these ETFs abating and entering a perhaps more normalized flow environment,” analysts led by Kenneth Worthington said in a note Monday. 

Outside of flows, the group has remained pretty competitive with a majority of the funds offering waivers for fees for a set amount of time or assets. On Monday, Invesco Galaxy — which offers a six-month or $5 billion in assets waiver — announced that it was cutting its fee to 0.25% from 0.39%. 

Aside from Grayscale — which has a 1.5% fee — the group has very low fees ranging from 0.19% to 0.30%.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (3).jpg

Research

Solana Colosseum organizes hackathons, supporting founders through accelerators and their $60 million pre-seed fund. Their recent Solana Radar hackathon attracted 10,000+ participants with 1,359 product submissions. Five winners are highlighted below.

article-image

There were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary

article-image

Let’s quickly run through some of the events leading up to these listings

article-image

“You’re gonna, at least for a period of time, wish you’d had a million bucks in solana”

article-image

Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid

article-image

From hackathons to trading tools and DAO governance, AI agents are redefining how we build and innovate

article-image

CME’s large bitcoin contracts are so big that investors are turning to micro bitcoin contracts