Pando Asset Joins the Race for Bitcoin Spot ETF in the U.S.
Swiss asset management firm Pando Asset AG has thrown its hat in the ring for a spot Bitcoin exchange-traded fund (ETF) in the U.S. by submitting an application to the Securities and Exchange Commission (SEC). This makes Pando the 13th firm to join the race, competing against heavyweights like BlackRock and ARK Invest.
The company filed the required S-1 form on Tuesday outlining plans for the Pando Asset Spot Bitcoin Trust, which will trade on the Cboe BZX Exchange under the ticker “PBC” if approved. Coinbase Global Inc. is designated to serve as custodian, while the Bank of New York Mellon will take on administrative duties. The trust plans to use CME Group’s CF Bitcoin Reference Rate for pricing data.
Analysts have raised questions about the timing of Pando’s entry into the competition and what its potential approval could mean. They had previously estimated the odds of SEC approval at 90%. Pando currently offers several cryptocurrency exchange-traded products (ETPs) in Europe, but this would be its first Bitcoin product targeting U.S. investors.
The filing comes at a critical juncture, with a key decision deadline looming. Meanwhile, the SEC continues to engage with other hopefuls in the race. Documents show the SEC met with both BlackRock and Invesco on Monday to discuss their filings. At that meeting, BlackRock presented a revised redemption model to address concerns around balance sheet impacts and overseas crypto entities interfacing with U.S. broker-dealers. The new approach would have those offshore entities transact in Bitcoin and provide cash to the broker-dealers.
This flurry of activity surrounding Bitcoin spot ETFs comes as the market for digital currencies continues to captivate investors and regulators alike. The potential for a Bitcoin ETF in the U.S. has long been the subject of speculation and anticipation, with many seeing it as a significant step in the mainstream adoption of cryptocurrencies.
The outcome of the current race for approval remains to be seen, but the level of interest and competition in this arena suggests that the prospects for a Bitcoin spot ETF in the U.S. are being taken quite seriously by industry participants and market observers.
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