A new asset manager has joined the heated battle to launch a Bitcoin (BTC) exchange fund in the United States. In addition, BlackRock, which has been in dispute since June, has proposed a change to its fund in light of U.S. concerns Securities and Exchange Commission (SEC).
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Pando Asset Submits Bitcoin ETF Application
Yesterday, Swiss asset manager Pando Asset filed an S-1 with the SEC to bring its “Pando Asset Spot Bitcoin Trust” to the US market. This brings the total list of candidates to no less than thirteen.
Like the other ETF applications, the latecomer wants to track the price of Bitcoin with the help of the US-listed crypto exchange Coinbase as the manager of the Bitcoins from the fund.
More questions than answers: Where have you been for the last 3 months? Why bother at this point? If they are in the team on January 10th, what does that say about fair play and even society as we know it? And what exactly is a pando?
— Eric Balchunas (@EricBalchunas) November 29, 2023
Bloomberg ETF analyst Eric Balchunas reacted surprisingly to the news. In particular, he wonders why Pando Asset submitted its application so late. He wrote the following about X:
“Where have you been for the last three months?” Why should you apply now? If they also receive their ETF on January 10, 2023, what does that say about fair competition and an equal society? And what exactly is Pando?”
January 10 is the final deadline by which the SEC must make a final decision on the joint application from ARK Invest and 21Shares. Balchunas and his colleague James Seyffart assume that all applications for Bitcoin ETFs will be approved by then.
Seyffart told However, his supporters have moved on
BTC ETF meets BlackRock and SEC
In another development, BlackRock, the world’s largest asset manager, has filed changes to its Bitcoin ETF application to address regulators’ concerns about market manipulation and broker-dealer registrations. This emerges from the minutes of a meeting between the asset manager and the SEC’s Division of Trading and Markets on November 28th.
BlackRock has proposed a change to the redemption model. This is also known as the redemption model and refers to the process by which investors can exchange the shares for the fund’s underlying assets, in this case Bitcoins.
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