- Pando Asset AG is a recent addition to the ranks of asset management companies entering the US Bitcoin ETF race.
- The company plans to launch the Pando Asset Spot Bitcoin Trust for trading on the Cboe BZX Exchange, with security provided by the American crypto exchange Coinbase.
- The probability of the SEC approving spot BTC ETFs is still at 90%, according to Bloomberg ETF analysts Eric Balchunas and James Seyffart.
Pando Asset AG, which offers crypto ETPs in Europe, joined the ETF race by applying for a spot Bitcoin ETF in the US: Details!
Pando Asset Joins the Spot Bitcoin ETF Race
Pando Asset AG has become a recent addition to the ranks of asset management companies entering the US Bitcoin ETF race. Already offering crypto exchange-traded products (ETPs) trading in Europe, the Switzerland-based firm filed a new application with the US Securities and Exchange Commission (SEC) for a spot Bitcoin ETF by completing the S-1 form.
While planning to open the Pando Asset Spot Bitcoin Trust for trading on the Cboe BZX Exchange, the American crypto exchange Coinbase will ensure its security. Pando Asset also plans to use CME’s CF Bitcoin Reference Rate for Bitcoin pricing. According to the investment management company’s official website, it already offers ETPs tracking the prices of the top cryptocurrencies to European traders on the SIX Swiss Exchange.
With numerous entries for spot Bitcoin ETF applications, the SEC has not yet approved any. Many crypto players believe that mass approval will initiate when the regulator finally decides on a course of action.
The probability of the SEC approving spot BTC ETFs is still at 90%, according to Bloomberg ETF analysts Eric Balchunas and James Seyffart. Balchunas emphasized that the spot Bitcoin ETF license would be granted before January 10, 2024. He also mentioned that more applications would be submitted to the SEC before the proposed date for approval.
SEC is Now Holding Meetings with Bitcoin ETF Applicants
Pando Asset’s recent application can be considered as a confirmation of the sentiments of Bloomberg ETF analysts about the future outlook of the ETF market, with more adoption by asset managers. Additionally, recent meetings between the SEC’s Trading and Markets division and several potential candidates for spot Bitcoin ETFs in the last few days highlight the regulatory body actively working on the applications.
A week ago, Grayscale met with the SEC and discussed the implementation of a Transfer Agency and Service Agreement with BNY Mellon for a spot Bitcoin ETF, among other things. Shortly after, it was claimed that BlackRock had met with the regulator to discuss reconstruction models for a potential ETF.
BlackRock is opting for a financial reclamation model rather than cash creation. However, the SEC requested the company to submit a revised version of its proposal, which the investment manager eventually did.
