1 year ago
Swiss plus manager Pando Asset has go an unexpected precocious entrant into the spot Bitcoin (BTC) exchange-traded money (ETF) contention successful the United States.
On the aforesaid day, concern elephantine BlackRock met with the country’s securities regulator to transportation an updated ETF exemplary based connected the agency’s feedback.
On Nov. 29, Pando submitted a Form S-1 to the Securities and Exchange Commission — utilized to registry securities with the bureau — for the Pando Asset Spot Bitcoin Trust.
Like different ETF bids, the spot aims to way Bitcoin’s terms with the custody limb of the crypto speech Coinbase to clasp Bitcoin connected behalf of the trust.
Pando is the 13th bidder aiming to person an approved spot Bitcoin ETF successful the U.S. and joins the contention with a twelve others that person been bidding for SEC approval,L fwhich see BlackRock, ARK Invest and Grayscale.
In a Nov. 29 X (Twitter) post, Bloomberg ETF expert Eric Balchunas said helium has “more questions than answers” astir Pando’s filing, questioning wherefore it came truthful late.
more questions than answers: wherever person they been for past 3mo? wherefore fuss astatine this point? if they marque Jan 10 unit what does that accidental astir just play and adjacent nine arsenic we cognize it? And what precisely is simply a Pando?
— Eric Balchunas (@EricBalchunas) November 29, 2023Balchunas besides raised interest astir the implications should Pando’s ETF beryllium among the “crew” of Bitcoin ETF filings helium predicts volition beryllium approved connected Jan. 10.
“What does that accidental astir just play and adjacent nine arsenic we cognize it?” helium added.
Balchunas and chap Bloomberg ETF expert James Seyffart person enactment their wealth connected Jan. 10 arsenic the time each spot Bitcoin ETFs would beryllium approved astatine once, arsenic it’s the time the SEC indispensable contradict oregon o.k. ARK Invest’s bid.
However, Seyffart told his followers connected X that helium doubts Pando’s ETF “is acceptable to spell connected [the] archetypal time with the others but crazier things person happened I guess.”
BlackRock meets with SEC to sermon ETF bid
Meanwhile, the SEC met with BlackRock and Invesco executives connected Nov. 28 to sermon their ETF bids, according to agency documents.
BlackRock pitched a revision to its redemption exemplary to code the SEC’s concerns from an earlier gathering connected equilibrium expanse impacts and risks to U.S. broker-dealers dealing with offshore crypto entities.
Related: ‘Buy the rumor, merchantability the news’ — Bitcoin ETF whitethorn spark TradFi sell-off
Balchunas explained the revision sees the offshore entity getting Bitcoin from Coinbase and pre-paying the U.S. registered broker-dealer successful cash, which cannot straight grip Bitcoin.
Here's the archetypal vs revised in-kind model, look similar the caller happening is STEP 4, which is the offshore entity marketplace shaper getting bitcoin from Coinbase and past pre-paying successful currency to the US registered broker trader (who is not allowed to interaction bitcoin). pic.twitter.com/bDgYAnufWA
— Eric Balchunas (@EricBalchunas) November 29, 2023Balchunas explained successful a Nov. 17 X post that broker-dealers can’t woody successful Bitcoin and the SEC was asking ETFs to person redemption models that “puts [the] onus connected issuers to transact successful Bitcoin and keeps broker-dealers from having to usage unregistered subsidiaries oregon 3rd enactment firms to woody [with] the BTC.”
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