Swiss Asset Manager Files for Spot Bitcoin ETF
Swiss asset manager Pando Asset has filed an S-1 form with the Securities and Exchange Commission (SEC) to seek approval for a spot bitcoin exchange-traded fund (ETF). If approved, the Pando Asset Spot Bitcoin Trust will be listed on the Cboe BZX Exchange, with Coinbase serving as the custodian. The filing mentions that the ETF will use CME’s CF Bitcoin Reference Rate for pricing. Pando Asset already offers exchange traded products for European traders on the SIX Swiss Exchange that track the prices of major cryptocurrencies.
SEC Continues to Delay Crypto ETF Approvals
Despite anticipation in the industry, the SEC has yet to approve a spot crypto ETF. The regulator has delayed applications from asset management giants including BlackRock, Fidelity, 21Shares & Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex, and Franklin Templeton. However, the SEC recently moved applications from Franklin Templeton and Hashdex into a public comment period, leading some observers to speculate that the review process may be accelerating.
BlackRock Proposes Solution to SEC Concerns
The SEC held meetings with representatives from Invesco and BlackRock. BlackRock proposed a solution to address concerns related to balance sheet impacts and risks during the redemption flow. The company’s approach aims to resolve these issues by creating a cash receivable from offshore entities and transferring it directly onshore. Scott Johnsson from Van Buren Capital believes that if this is the only concern for approval, BlackRock’s proposal should satisfy it.
Hot Take: A Step Closer to a Spot Bitcoin ETF
The filing by Pando Asset for a spot bitcoin ETF with the SEC marks another step towards the approval of a crypto ETF. While the SEC has yet to approve any applications, the recent movement of applications into a public comment period suggests progress in the review process. Additionally, BlackRock’s proposal to address concerns raised by the SEC shows a commitment from major asset management firms to find solutions and push for approval. The crypto industry eagerly awaits the first spot crypto ETF, which could provide greater accessibility and legitimacy to digital assets.
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