Global X has withdrawn its application to create a spot Bitcoin ETF, according to documents submitted to the U.S. Securities and Exchange Commission (SEC) through the Cboe BZX exchange.

Global X filed the application in August 2023 but did not receive approval from the SEC, just like other companies.

In addition to Global X, applications from Pando Asset Management and 7RCC were also rejected, even though they submitted their documents much later, in December 2023.

The reasons for the rejection of the spot Bitcoin ETF launch are not specified in the documents, but Bloomberg Intelligence analyst James Seifart noted that it was "predictable."

According to James Seifart, Global X effectively exited the race in December 2023, and the decision to withdraw the application only confirmed this.

Earlier, we reported that Michael Sonnenshein, CEO of Grayscale Investments, predicted the departure of most similar funds from the market.

This opinion was also echoed by Cathie Wood, CEO of Ark Invest, who expects that some spot Bitcoin ETFs may exit the game, while others will consolidate into one format.