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Global X Submits Paperwork for Spot Bitcoin ETF

05.08.2023
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Global X Submits Paperwork for Spot Bitcoin ETF

  • Global X’s spot-bitcoin filings represent the ninth current spot-bitcoin application.
  • The firm has also applied for approval to establish a bitcoin-futures ETF.

On Friday, Global X joined other industry participants in submitting paperwork to list a spot bitcoin exchange-traded fund (ETF) product. If the fund gets the go-light from regulators, it will boost widespread Bitcoin exposure.

In addition to Grayscale’s petition to appeal the SEC’s denial of its intended spot-bitcoin ETF conversion, Global X’s spot-bitcoin filings represent the ninth current spot-bitcoin application filed with U.S. authorities. To get approval from authorities, Global X, a supplier of other ETF products, has chosen Coinbase as its surveillance-sharing partner.

Tough Road Ahead

Other pending applications, such as those from Fidelity and BlackRock, have also disclosed similar agreements with Coinbase in response to earlier SEC refusals of bitcoin ETF applications, which cited the absence of a robust surveillance-sharing agreement as one of the reasons for the decision. Global X has applied for approval to establish a bitcoin-futures ETF in addition to a spot-bitcoin ETF.

Several issuers have registered to create a spot bitcoin exchange-traded fund (ETF). Concerns about exploitation and a lack of oversight from the exchanges on which the ETFs would be listed have led the SEC to regularly reject such applications.

When BlackRock submitted paperwork to launch a spot Bitcoin ETF last month, it sparked the most recent round of applications and resubmissions. After BlackRock’s application, other major financial institutions rapidly followed suit.

On the other hand, Coinbase has filed a brief in the New York federal court. The SEC filed suit against the company in June over sales of unregistered securities.

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