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Home»ADOPTION NEWS»As BlackRock meets again with the SEC, Pando Asset joins the spot Bitcoin ETF race.
ADOPTION NEWS

As BlackRock meets again with the SEC, Pando Asset joins the spot Bitcoin ETF race.

By Crypto FlexsNovember 30, 20233 Mins Read
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As BlackRock meets again with the SEC, Pando Asset joins the spot Bitcoin ETF race.
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Swiss asset manager Pando Asset filed a Form S-1 with the Securities and Exchange Commission on Wednesday, becoming the latest company to seek approval for a spot Bitcoin ETF.

Pando asset spot awaiting approval Bitcoin BTC

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The Trust trades on the Cboe BZX Exchange with Coinbase as custodian. For Bitcoin pricing, the filing mentions CME’s use of the CF Bitcoin benchmark rate.

According to the Pando website, the SIX Swiss exchange already offers European traders an exchange-traded product that tracks the prices of major cryptocurrencies.

The industry is eagerly anticipating the first spot cryptocurrency ETF, but the SEC has yet to approve it. Regulators have so far postponed other applications received from asset management giants including BlackRock, Fidelity, 21Shares & Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton.

On Tuesday, the SEC moved Franklin Templeton and Hashdex’s applications to a public comment period, leading some observers to think the agency could speed up the review process.

blackrock meeting

The SEC also held a new meeting with representatives of Invesco and BlackRock on Tuesday, according to a document on the agency’s website.

“During our meeting with Trading & Markets staff on November 20, we addressed the SEC’s impact on the balance sheet and spot models related to risks to market makers’ U.S. registered broker/dealer entities (“MM-BDs”). We understand that there are specific questions that have not been addressed. In the accompanying presentation, BlackRock said: “During the redemption process, we distinguish ourselves from unregistered entities of market makers (“MM-crypto”).”

We propose an approach to address these concerns.

“If the only issue here is the balance sheets of U.S. BD market makers, then BlackRock’s offer *should* satisfy interest,” said Scott Johnsson of Van Buren Capital. wrote on. “The only difference from the previous spot model is that we create a cash receivable from the foreign MM to the domestic MM and then transfer the cash directly, ensuring that all work is done and kept domestically.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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