Pando Asset Management Enters the Spot Bitcoin ETF Race
Pando Asset, a Switzerland-based asset management company, has recently joined the competition for Spot Bitcoin Exchange Traded Funds (ETFs). The firm submitted its official filing for a Spot BTC ETF to the United States Securities and Exchange Commission (SEC) on November 29. This unexpected move comes as the SEC’s decision on Spot Bitcoin ETF approval draws near.
Details of Pando’s Spot BTC ETF Filing
In its filing, Pando Asset outlined the purpose, offerings, net asset value, regulatory compliance, tax considerations, and other factors of its Spot BTC ETF, PBTC. The trust was formed to own bitcoin transferred in exchange for shares issued by the trust. The assets primarily consist of bitcoin held by the Bitcoin Custodian on behalf of the trust.
Growing Number of Spot Bitcoin ETF Filings
Pando’s submission brings the total number of filed Spot Bitcoin ETFs to 13. Notable financial institutions such as Grayscale, BlackRock, Ark Invest, WisdomTree, and others have also applied for these ETFs. The crypto community eagerly anticipates their approval, as it is believed that a Bitcoin Spot ETF debut could lead to significant inflows and potentially trigger a bull run.
Prediction for Spot ETF Approval
Bloomberg analyst James Seyffart predicts a favorable outcome for Spot Bitcoin ETFs, estimating potential approval by January 10, 2024. Senior Bloomberg analyst Eric Balchunas supports this prediction with a strong 90% likelihood of approval. He states that they have held this stance for months and are monitoring further filings and clarity on in-kind versus cash creates.
Hot Take: Crypto Community Awaits Potential Approval of Spot Bitcoin ETFs
The crypto community is eagerly awaiting the potential approval of Spot Bitcoin ETFs. With numerous financial institutions vying for these ETFs and experts predicting a positive outcome, there is growing anticipation for the SEC’s final decision. If approved, a Bitcoin Spot ETF debut could have significant implications for BTC and potentially trigger a bullish trend in the market.
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