Swiss asset manager Pando Asset is a surprise latecomer to the U.S. spot Bitcoin (BTC) exchange-traded fund (ETF) race.
On the same day, investment giant BlackRock met with China’s securities regulator and launched an updated ETF model based on the agency’s feedback.
November 29, Pando submitted Form S-1 filed by Pando Asset Spot Bitcoin Trust with the U.S. Securities and Exchange Commission (used to register securities with the agency).
Like other ETF bids, the trust aims to track the price of Bitcoin by holding Bitcoin on behalf of the trust through the custodial arm of cryptocurrency exchange Coinbase.
Pando is the 13th bidder working to get a spot Bitcoin ETF approved in the U.S., joining more than a dozen other firms that have been vying for SEC approval, including BlackRock, ARK Invest and Grayscale.
November 29 (Twitter) postalBloomberg ETF analyst Eric Balchunas said he had “more questions than answers” about Pando’s filing, questioning why it was submitted so late.
More questions than answers: Where have they been for the past 3 months? Why bother at this point? If they let January 10 be a cast member, what would that mean for fair play or even society as we know it? What exactly is Pando?
— Eric Balchunas (@EricBalchunas) November 29, 2023
Balchunas also expressed concern about Pando’s ETF becoming a “member” of the Bitcoin ETF filing, which he expects to be approved on January 10.
“What does this mean for fair play or even society as we know it?” he added.
Balchunas and Bloomberg ETF analyst James Seyffart are targeting January 10th as the date when all spot Bitcoin ETFs will be immediately approved, as this is the day the SEC must reject or approve ARK Invest’s bid.
However, Sefat Tell His follower on
BlackRock meets with SEC to discuss ETF bid
Meanwhile, the U.S. Securities and Exchange Commission (SEC) met with executives from BlackRock and Invesco on Nov. 28 to discuss their ETF bids. mechanism document.
BlackRock made revisions to its redemption model to address concerns raised by the Securities and Exchange Commission at an earlier meeting about the balance sheet impacts and risks for U.S. broker-dealers handling offshore crypto entities.
related: “Buy Rumors, Sell News”—Bitcoin ETF May Trigger TradFi Sell-Off
Balchunas explained that the revision refers to offshore entities acquiring Bitcoin from Coinbase and advancing cash to U.S.-registered broker-dealers, which cannot handle Bitcoin directly.
This is the original model vs. the modified physical model, it looks like the new thing is STEP 4, where the offshore physical market maker gets the Bitcoin from Coinbase and then advances the cash to a US registered broker-dealer (no contact allowed) of the Bitcoin ). pic.twitter.com/bDgYAnufWA
— Eric Balchunas (@EricBalchunas) November 29, 2023
Balchunas explained in a Nov. 17 X report postal Broker-dealers cannot trade Bitcoin, and the SEC requires ETFs to have a redemption model that “puts the onus on issuers to trade Bitcoin and frees broker-dealers from having to use unregistered subsidiaries or third-party companies to trade.” (With) BTC. “
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