Pando Asset AG Enters the Race for Spot Bitcoin ETF
Pando Asset AG, a Swiss asset management firm, has officially joined the race to launch a spot Bitcoin ETF in the United States. The company, which already offers crypto Exchange-Traded Products (ETPs) in Europe, has filed an application with the SEC for a spot Bitcoin ETF. The firm plans to trade the Pando Asset Spot Bitcoin Trust on the Cboe BZX Exchange, with Coinbase acting as its custodian. Pando Asset will use CME’s CF Bitcoin Reference Rate for Bitcoin pricing. The company currently provides ETPs that track the prices of top cryptocurrencies on the SIX Swiss Exchange.
SEC Meetings with Bitcoin ETF Applicants
Pando Asset’s filing is in line with industry experts’ expectations for increased adoption of ETFs by asset managers. Recent meetings between the SEC’s Trading and Markets division and potential spot Bitcoin ETF candidates further support the belief that the regulator is actively considering these applications. Grayscale and BlackRock are among the companies that have met with the SEC to discuss their ETF proposals. BlackRock has chosen an in-kind model of redemption, and it has submitted a revised version of its proposal as per the SEC’s requirement.
Hot Take: Spot Bitcoin ETF Approval Expected Soon
The odds of the SEC approving spot BTC ETFs are still high, with experts predicting a 90% chance of approval before January 10, 2024. The increasing number of applications being submitted to the SEC indicates growing interest in launching these investment vehicles. While approval is yet to be granted, many believe that once the SEC makes a decision, it could lead to mass approval of spot Bitcoin ETFs.
By
By
By
By
By
By