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In the Picklist administration trailhead I cannot find the Promote to Global Value set button. It's just not there.
I am stuck on this trailhead. I followed all the steps but the Promote to Global Value Set button never appears.
In any picklist you need check the checkbox as shown in below image to promote it to global value set.
Below link provides the limitation for global value set.
https://help.salesforce.com/articleView?id=fields_promote_picklists.htm&type=5
Please let me know if your problem is solved and please mark this is a best answer if it helped.
Thanks,
Saravana