With the increasing anticipation of the Bitcoin spot ETF, a new institution has joined the battle. Swiss asset management company Pando Asset has officially submitted an application to the SEC, becoming the 13th challenger seeking approval for a Bitcoin spot ETF.
Cryptocurrency markets are eagerly awaiting the launch of the first Bitcoin spot ETF in the United States. Amidst the frenzy of numerous ETF issuers (BlackRock, Fidelity, etc.) applying for approval, Bloomberg analyst James Seyffart confirmed last night that Swiss asset management company Pando Asset has officially submitted an application to the SEC, becoming the latest institution seeking approval for a Bitcoin spot ETF.
Currently, there are “13 institutions” vying for this product, which could introduce billions of dollars in new capital to the cryptocurrency world. Pando Asset already has three other spot cryptocurrency exchange-traded products (ETPs) listed on six major Swiss exchanges. Its application will be managed by BNY Mellon Bank as the trustee of the Pando Asset Spot Bitcoin Trust.
SEC in Close Consultation with Institutions
The US Securities and Exchange Commission has recently been in consultation with spot ETF issuers, which has given investors more confidence that SEC approval will soon be granted. The current progress includes:
Bloomberg analyst Eric Balchunas pointed out that there are rumors in the market that the SEC may initially only approve a cash redemption mechanism. However, most issuers are prepared for both possibilities. If BlackRock receives SEC support, many issuers will choose to trade in physical form; if not, they will use the cash mechanism.
BlackRock and Bitwise have made amendments to their ETF S-1 filings, strengthening monitoring measures for abnormal price fluctuations and enhancing anti-money laundering compliance. In addition, the documents include an audit statement from Ernst & Young, demonstrating the issuers’ and SEC’s emphasis on financial transparency and compliance.
BlackRock has already raised $100,000 in seed funding for its proposed Bitcoin spot ETF on October 27.
Next Key Review Time for the SEC
Furthermore, according to Bloomberg analyst James Seyffart, we can see that by mid-January next year, the SEC will need to submit another review opinion. If all goes well, we may officially see the birth of the first BTC spot ETF a little over a month later.
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Further reading:
Bitcoin Spot ETF Frontline: SEC Discloses Details of Discussions with BlackRock, Grayscale: Physical Redemption, Cash Redemption…
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Pando Asset
SEC
Bitcoin Spot ETF