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Global X becomes latest to seek SEC’s approval for Bitcoin ETF

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Global X ETFs, a New York-based provider of global exchange-traded funds, is in the news today after it filed for a Bitcoin ETF. The global provider of ETFs filed with the U.S. SEC on 21 July and suggested that if approved, it would be available under the name of Global X Bitcoin Trust and will be traded on the CBOE BZX exchange.

As per the company’s filing, the Bank of New York Mellon will serve as the Trust’s administrator. The administrator provides necessary administrative, tax and accounting services, and financial reporting for the maintenance and operations of the Trust, including calculating the NAV of the Trust and the net assets of the Trust.

The trust’s objective, if approved, will include,

“… (to) reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index.”

While Global X has not named its custodian yet, it did note that it is a limited purpose trust company authorized by the New York State Department of Financial Services to provide digital asset custody service. As per the filing, the Trust cannot purchase or, barring a liquidation or specified extraordinary circumstances, sell Bitcoin directly.

Global X is not the only institution expressing interest in Bitcoin during this time of falling prices, however. Over the past couple of months, Bitcoin ETF proposals have risen to over a dozen this year, with names like Fidelity, Wisdom Tree, and VanEck showing interest too.

However, the Securities and Exchange Commission has delayed its decision on three ETF applications so far, including those from Wisdom Tree, VanEck, and Skybridge Capital.

Here, it’s worth pointing out that the SEC has moved to seek public opinion over the aforementioned product. What this has done, alas, is pushed the decision yet again, leaving many within the crypto-industry, including SEC Commissioner Hester Pierce, perturbed.

Pierce has been vocal about the lack of regulatory clarity regarding cryptocurrencies in the United States. With other countries like Canada having approved its first ETF a few months back, pressure is mounting on the U.S to not be left behind. According to Peirce,

“I would never have imagined that I would be in this situation where we would not yet have approved one and other countries are moving ahead.”

The commissioner also expressed concerns that the crypto-industry is being forced to play by a separate set of rules than anyone else, with the agency perhaps overstepping its remit.

With the industry getting impatient with the SEC’s indecisiveness, Grayscale CEO Michael Sonnenshein recently commented that it is only a matter of time before a Bitcoin ETF is approved. In fact, Grayscale recently partnered with BNY Mellon, the U.S. banking giant, and will offer services for GBTC after the ‘anticipated’ GBTC conversion to an ETF.


Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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