Experts Fear the Impact as Swiss Firm Pando Asset Enters the Race for a Bitcoin ETF in the US.
In what has become yet another highly publicized competition for a Bitcoin exchange-traded fund (ETF), Swiss asset management Pando Asset has submitted a proposal for a spot Bitcoin ETF in the US on November 29th. They have made it plain that Coinbase will be keeping the Bitcoin on their behalf as they want to establish a fund that tracks the price of Bitcoin.
Pando is the thirteenth business vying for SEC clearance, following in the footsteps of BlackRock, ARK Invest, and Grayscale.
Also that day, investment behemoth BlackRock met with the SEC to discuss potential exchange-traded funds (ETFs). They discussed secure Bitcoin processing and proposed adjustments to conform to SEC regulations.
Bloomberg ETF analyst Eric Balchunas was taken aback and perplexed by Pando’s tardy entrance; Balchunas had anticipated that spot Bitcoin ETF clearance would occur on January 10th. He is concerned about the consequences if Pando’s ETF were to be authorized with others on January 10, when the SEC is expected to make a decision on ARK Invest’s proposal. Along with fellow analyst James Seyffart, he believes that day may see the approval of all spot Bitcoin ETFs.
Meeting with the SEC, BlackRock discussed revising its exchange-traded fund proposal. Making ensuring it complies with SEC regulations is their first priority, and they’re concentrating on ways to handle Bitcoin lawfully.
To comply with SEC regulations, BlackRock’s new strategy, according to Balchunas, is to trade in cash rather than Bitcoin directly.
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