Pando's 19b-4 Filing Ignites Enthusiasm in the U.S. Bitcoin ETF Competition

Pando’s Expansion into the U.S. Financial Market

Swiss asset manager Pando has made a significant move into the U.S. financial market by filing a 19b-4 with the Chicago Board Options Exchange (CBOE) to compete for a spot in the highly anticipated U.S. spot Bitcoin ETF. This puts Pando in a group of 13 potential issuers who are vying for this opportunity.

Pando’s Track Record in Crypto ETPs

Pando may be new to the U.S. Bitcoin ETF arena, but the firm already has experience in crypto exchange-traded products (ETPs) in the European market. It currently has three spot crypto ETPs listed on the SIX Swiss Exchange, demonstrating its expanding ambitions and commitment to establishing a global presence in the cryptocurrency sector.

Pando’s Recent SEC Filing

Pando recently submitted an initial form S-1 to register securities with the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust. The Bank of New York Mellon is expected to act as the administrator for this proposed ETF. However, Pando’s status as an unregistered investment company with the SEC adds complexity to their application.

Bitcoin Price Surges Above $43K

The price of Bitcoin has surged above $43,000, reaching a peak not seen since May 2022 before the TerraUSD collapse. This positive response from the cryptocurrency market reflects optimism about the potential approval of a U.S. spot Bitcoin ETF. Analysts, including Bloomberg Analyst Eric Balchunas, are highly confident that an ETF approval is likely, with odds estimated at 90% by January 10.

Impact of the Proposed ETF on Bitcoin Market

The crypto community is closely watching the developments surrounding the U.S. spot Bitcoin ETF, especially in anticipation of the upcoming Bitcoin halving event. Data from Coinglass shows a significant impact already, with over $109 million in Bitcoin short positions being liquidated in the past 24 hours. This highlights the market’s sensitivity to regulatory progress and the anticipation of the SEC’s decision.

Hot Take: Pando Expands Presence in U.S. with Bitcoin ETF Filing

Swiss asset manager Pando has taken a significant step towards expanding its presence in the U.S. financial market by filing for a spot in the highly anticipated U.S. spot Bitcoin ETF. With its existing track record in crypto exchange-traded products (ETPs) and positive market response to the news, Pando is poised to become a major player in the cryptocurrency sector. The upcoming decision by the SEC on the proposed ETF will have a significant impact on the Bitcoin market, making it an event worth watching for crypto enthusiasts.