Swiss asset manager Pando Asset is becoming an unpredicted late entrant in to the place Bitcoin (BTC) exchange-traded fund (ETF) race within the U . s . States.
On the day that, investment giant BlackRock met using the country’s securities regulator to pitch an up-to-date ETF model in line with the agency’s feedback.
On November. 29, Pando posted an application S-1 towards the Registration — accustomed to register securities using the agency — for that Pando Asset Place Bitcoin Trust.
Like other ETF bids, the trust aims to trace Bitcoin’s cost using the child custody arm from the crypto exchange Coinbase to carry Bitcoin with respect to the trust.
Pando may be the 13th bidder aiming with an approved place Bitcoin ETF within the U.S. and joins the race having a dozen others which have been putting in a bid for SEC approval, including BlackRock, ARK Invest and Grayscale.
Inside a November. 29 X (Twitter) publish, Bloomberg ETF analyst Eric Balchunas stated he’s “more questions than answers” about Pando’s filing, questioning why it came so late.
more questions than solutions: where were they for last 3mo? why bother at this time? when they make Jan 10 crew exactly what does that say about fair play as well as society as you may know it? And what is a Pando?
— Eric Balchunas (@EricBalchunas) November 29, 2023
Balchunas also elevated worry about the implications should Pando’s ETF be one of the “crew” of Bitcoin ETF filings he predicts is going to be approved on Jan. 10.
“What does that say about fair play as well as society as you may know it?” he added.
Balchunas and fellow Bloomberg ETF analyst James Seyffart have take their cash on Jan. 10 because the day all place Bitcoin ETFs could be approved at the same time, as it’s your day the SEC must deny or approve ARK Invest’s bid.
However, Seyffart told his supporters on X he doubts Pando’s ETF “is all set to go on [the] first day using the others but crazier everything has happened I suppose.”
BlackRock meets SEC to go over ETF bid
Meanwhile, the SEC met with BlackRock and Invesco executives on November. 28 to go over their ETF bids, based on agency documents.
BlackRock pitched a revision to the redemption model to deal with the SEC’s concerns from your earlier meeting on balance sheet impacts and risks to U.S. broker-dealers coping with offshore crypto entities.
Related: ‘Buy the rumor, sell the news’ — Bitcoin ETF may spark TradFi sell-off
Balchunas described the revision sees the offshore entity getting Bitcoin from Coinbase and pre-having to pay the U.S. registered broker-dealer in cash, which cannot directly handle Bitcoin.
Here’s the initial versus revised in-kind model, seem like the brand new factor is Step Four, the offshore entity market maker getting bitcoin from Coinbase after which pre-having to pay in cash towards the US registered broker dealer (who isn’t permitted to the touch bitcoin). pic.twitter.com/bDgYAnufWA
— Eric Balchunas (@EricBalchunas) November 29, 2023
Balchunas described inside a November. 17 X publish that broker-dealers can’t offer Bitcoin and also the SEC was asking ETFs to possess redemption mixers “puts [the] onus on issuers to transact in Bitcoin and keeps broker-dealers from getting to make use of unregistered subsidiaries or 3rd party firms to manage [with] the BTC.”
