Swiss fund manager Pando Asset applies for spot Bitcoin ETF in the US
Swiss fund manager Pando Asset has filed an S-1 form with the US Securities and Exchange Commission (SEC) to seek approval for a spot Bitcoin ETF on the Cboe BZX Exchange. If approved, Coinbase will be the custodian for the fund, and CME’s CF Bitcoin Reference Rate will determine pricing. Although anticipation for spot Bitcoin ETFs in the US continues to grow, the SEC has yet to approve one, and applications from BlackRock, Fidelity, and Ark Invest have been delayed. However, the SEC has been seen to speed up its review process by moving applications from Franklin Templeton and Hashdex to a public comment period.
BlackRock proposes a solution to address SEC concerns
In a memorandum published by the SEC, BlackRock proposed a solution to address the unresolved questions raised during the meeting. The SEC expressed concerns about the balance sheet impacts and risks to the Market Maker’s U.S. Registered Broker/Dealer entity (MM-BD) during the redemption flow. Scott Johnsson of Van Buren Capital speculated that BlackRock’s proposal could satisfy the SEC if the only issue is the balance sheet of the US BD market maker.
Hot Take: Swiss fund manager Pando Asset seeks approval for spot Bitcoin ETF in the US
Swiss fund manager Pando Asset has filed an S-1 form with the SEC in the hopes of launching a spot Bitcoin ETF on the Cboe BZX Exchange. Coinbase will serve as the custodian for the fund, and CME’s CF Bitcoin Reference Rate will be used for pricing. While the SEC is yet to approve a spot Bitcoin ETF, several asset management firms have submitted applications and are awaiting a decision. Pando’s filing comes as the SEC moves applications from Franklin Templeton and Hashdex into a public comment period, indicating a possible acceleration in the review process. The approval of a spot Bitcoin ETF in the US could have significant implications for the crypto market and investor access to Bitcoin.
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