Cboe BZX Exchange Withdraws Bitcoin ETF Proposal Following First SEC Approval for Spot Bitcoin ETFs
Summary:
The Cboe BZX Exchange has withdrawn its proposal to list shares of Global X's Bitcoin exchange-traded fund. First filed in August 2023, the application's withdrawal follows the SEC's initial approval of spot Bitcoin ETFs listings on U.S. exchanges. Despite this, experts predict the SEC will soon authorize Ether spot exchange-traded products. As of January 26, there have been net deposits of $759 million across all spot Bitcoin ETFs approved by the SEC.
The proposal for a rule change submitted by Cboe BZX Exchange to the U.S. Securities and Exchange Commission (SEC), which could have led to the listing of Global X's Bitcoin (BTC) spot exchange-traded fund shares, has been withdrawn. On January 30, the SEC reported that the Cboe BZX dropped its request to list and trade shares of the Global X Bitcoin Trust, initially proposed in August 2023. Although the commission had twice delayed the decision, on September and November, it stated that the exchange officially retracted its plan on January 26.
The news arrives approximately three weeks after the SEC approved the listing of Bitcoin spot ETFs on U.S. exchanges for the first time. Cboe and Global X were contacted by Cointelegraph for comment but didn't respond before publication.
Following the clearance of Bitcoin spot ETFs, predictions indicate the SEC will soon authorize Ether spot (ETF) exchange-traded products. The commission has already postponed decisions on proposals from asset managers BlackRock and Grayscale, with final verdicts anticipated in May.
Despite approximately $5 billion being withdrawn from the Grayscale Bitcoin Trust since it transitioned into an ETF as of January 26, there have been net deposits totalling $759 million across all spot Bitcoin ETFs authorised by the SEC on January 10.
In relation to this, a magazine report stated that a multi-billion-dollar travel request by CZ was rejected, the SEC has delayed Ether ETFs and more covered in Hodler’s Digest, Jan 21-27.
Published At
1/30/2024 8:05:23 PM
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