Key Takeaways:
- Pando Asset submits Form S-1 for the Pando Asset Spot Bitcoin Trust, becoming the 13th participant in the U.S. spot Bitcoin ETF race.
- The trust, like others, plans to track Bitcoin’s price and collaborate with Coinbase’s custody arm for secure Bitcoin storage.
- Bloomberg ETF analyst Eric Balchunas raises questions about the timing of Pando’s filing and speculates on potential implications for the market.
- BlackRock addresses SEC concerns with a revised redemption model, emphasizing the need for balance sheet impact mitigation and addressing risks associated with offshore crypto entities.
Swiss asset manager Pando Asset has entered the competition for approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, surprising the market with its late submission. As the race intensifies, key players like BlackRock are actively engaging with regulatory authorities to refine their ETF models.
We have a late entrant into the spot bitcoin ETF race…
Pando, who already offers crypto ETPs in Europe. pic.twitter.com/OamnqJrUNJ
— Nate Geraci (@NateGeraci) November 29, 2023
During the same period, regulatory discussions unfolded as the SEC engaged with executives from BlackRock and Invesco on November 28, as revealed by official agency documents. BlackRock presented a modified redemption model in response to concerns raised by the SEC in a previous meeting, specifically addressing issues related to balance sheet impacts and potential risks faced by U.S. broker-dealers involved with offshore crypto entities.
Read More: Bitcoin Price Prediction
Looks like BlackRock met with the SEC’s Trading & Markets division again yesterday and gave presented them with a “revised” in-kind model design based on Staff’s comments at their 11/20 meeting.. h/t @btcNLNico here’s full doc: https://t.co/sgOpY5D1jz pic.twitter.com/863pWOX6w0
— Eric Balchunas (@EricBalchunas) November 29, 2023
Conclusion
Pando Asset’s unexpected entry into the spot Bitcoin ETF race adds a new dimension to the competition. The market awaits the SEC’s decision on Jan. 10, a crucial date predicted by analysts as the day when multiple spot Bitcoin ETFs could receive approval simultaneously. Questions linger about the fairness of such approvals and their societal implications.
