“Pando Asset Enters the Competition for Bitcoin Spot ETFs”
Pando Asset Joins the Bitcoin Spot ETF Race
Swiss asset management firm Pando Asset AG has recently submitted an application to the Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF) in the U.S. This move makes Pando the 13th firm to enter the race, joining the likes of BlackRock and ARK Invest in the competition.
If approved, Pando’s application outlines plans for the Pando Asset Spot Bitcoin Trust, which would trade on the Cboe BZX Exchange under the ticker “PBC”. The company has designated Coinbase Global Inc. as the custodian, with the Bank of New York Mellon taking on administrative duties. The trust also plans to use CME Group’s CF Bitcoin Reference Rate for pricing data.
The timing of Pando’s bid is crucial, as a key decision deadline is approaching. Analysts have previously estimated the odds of SEC approval at 90%. In announcing the filing, questions were raised about why Pando is entering the race so late, and what implications its product may have if approved.
Although Pando currently offers several cryptocurrency exchange-traded products (ETPs) in Europe, this would be its first Bitcoin product targeted at U.S. investors.
Meanwhile, the SEC continues to engage with other hopefuls in the race for a Bitcoin spot ETF. Documents show that the SEC recently met with both BlackRock and Invesco to discuss their filings. At the meeting, BlackRock presented a revised redemption model to address concerns about balance sheet impacts and overseas crypto entities interfacing with U.S. broker-dealers. Under the new approach, offshore entities would transact in Bitcoin and provide cash to the broker-dealers.
Overall, the race for a spot Bitcoin exchange-traded fund in the U.S. is heating up, with Pando joining the fray and bringing the total number of firms vying for approval to 13. As the application process continues to move forward, all eyes are on the SEC, which holds the power to greenlight these ETFs and open the door to a new era of crypto investment opportunities for U.S. investors.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
