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ETF provider Global X pulls out its spot bitcoin ETF application

Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris

(Reuters) - Global X, a provider of exchange-traded funds, has withdrawn its application for spot bitcoin ETF, a regulatory filing showed on Tuesday, making it the first company among those that applied to the U.S. securities regulator for approval last year to do so.

The company had about $51 billion of assets under management in its ETFs worldwide, as of December 2023, according to its website.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) had approved 11 spot bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, among others, after a decade-long tussle with the digital asset industry.

The products marked a watershed moment for the cryptocurrency industry and saw its doors opened to a slew of new investors.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)