Another contender has joined the race for a spot Bitcoin exchange-traded fund (ETF) in the U.S. This week, Swiss asset management firm Pando Asset AG threw its hat in the ring, becoming the 13th company to apply to the Securities and Exchange Commission (SEC).
The company filed the necessary S-1 form on Tuesday, outlining plans for the Pando Asset Spot Bitcoin Trust. If approved, it would trade on the Cboe BZX Exchange under the ticker “PBC”. Coinbase Global Inc. is slated to serve as custodian, while administrative duties will fall under the Bank of New York Mellon. The trust intends to utilize CME Group’s CF Bitcoin Reference Rate for pricing data.
This move comes at a pivotal moment, with a crucial decision deadline looming ahead.
In a post announcing the filing, Balchunas raised queries about Pando’s late entry and the potential implications if its product gains approval. Analysts had previously estimated a high probability of SEC approval, standing at around 90%.
Pando currently offers various cryptocurrency exchange-traded products (ETPs) in Europe. However, this would mark its first Bitcoin product specifically targeting U.S. investors.
Simultaneously, the regulator is engaging with other hopeful contenders. Documents reveal that the SEC held discussions on Monday with BlackRock and Invesco regarding their filings.
During the meeting, BlackRock proposed a revised redemption model to address concerns surrounding balance sheet impacts and the involvement of overseas crypto entities with U.S. broker-dealers. The revised approach would involve offshore entities transacting in Bitcoin and providing cash to the broker-dealers.
