Pando Bitcoin ETF Application Recognized by SEC
The United States Securities and Exchange Commission (SEC) has acknowledged the filing made by Swiss firm Pando Asset AG for a spot Bitcoin ETF. However, this does not indicate approval, but rather the standard practice of acknowledging the application. Other applicants have also received similar recognition from the SEC before moving on to further processes that do not guarantee approval. BlackRock and Grayscale Investments have had meetings with the SEC’s Trading and Markets division to discuss various aspects of their proposed ETF products, including redemption mechanisms and custody arrangements.
Bitcoin ETF Applicants Update Filings
Following their meetings with the SEC, asset management firms have submitted updated versions of their spot Bitcoin ETF filings. These updates include details such as custody arrangements, creation and redemption mechanisms, and investor risk disclosures. While this does not guarantee approval, it indicates that the SEC is actively considering these applications. The next approval window is scheduled for mid-January, and the odds of approval are estimated to be 90%.
Hot Take: SEC Acknowledges Pando Bitcoin ETF Application
The SEC has recognized Pando Asset AG’s filing for a spot Bitcoin ETF, signaling that the agency is actively reviewing various applications in the crypto space. This acknowledgment is a standard practice and does not imply immediate approval. However, it does suggest that progress is being made towards potentially approving a Bitcoin ETF in the near future. With multiple asset management firms updating their filings and engaging in discussions with the SEC, there is growing anticipation for a positive decision in the upcoming approval window.
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