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[Alpha Biz=Chicago Reporter Paul Lee] Global X, a U.S. affiliate of Mirae Asset Asset Management, has withdrawn its application for the Bitcoin Spot Exchange Traded Fund ETF.

According to Mirae Asset Asset Management on the 31st, Global X recently conveyed its intention to withdraw its Bitcoin spot ETF application to the US Securities and Exchange Commission SEC.

Mirae Asset Management explained, "Global X decided that Bitcoin spot ETF was regrettable in terms of product differentiation."

Earlier on November 11, SEC approved 11 bitcoin spot ETFs, including the Black Rock iShares Bitcoin Trust and Grayscales Bitcoin Trust. GlobalX submitted an application to SEC in August last year for the launch of the related ETF.

GlobalX plans to focus on product differentiation in the future and develop various strategic products using Bitcoin.

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