Switzerland’s Pando Asset has announced its bid for a spot Bitcoin ETF in the U.S., joining a growing list of contenders. Meanwhile, BlackRock, Inc. (NYSE: BLK) has proposed an updated ETF model in its discussions with the U.S. securities regulator.

Pando Asset registered a Form S-1 with the U.S. Securities and Exchange Commission (SEC) on Nov. 29, according to Cointelegraph. The form, used for registering securities with the SEC, was submitted for the Pando Asset Spot Bitcoin Trust, aiming to track Bitcoin’s price. The trust will use Coinbase’s custody services to hold Bitcoin. This makes Pando the 13th competitor for a spot Bitcoin ETF in the U.S.

Other contenders for the spot include industry heavyweights like BlackRock, ARK Invest, and Grayscale. However, Bloomberg ETF analyst Eric Balchunas raised concerns about Pando’s late entry and what it could mean if their ETF gets approved on Jan. 10—a date he believes all spot Bitcoin ETFs will receive approval.

On the other hand, BlackRock and Invesco held discussions with the SEC on Nov. 28 about their ETF bids. To address the SEC’s worries about balance sheet impacts and risks related to U.S. broker-dealers engaging with offshore crypto entities, BlackRock proposed changes to its redemption model. The revised model, as explained by Balchunas, would involve the offshore entity acquiring Bitcoin from Coinbase and prepaying the U.S. registered broker-dealer in cash, since they cannot directly deal with Bitcoin.

Leave a Reply

Your email address will not be published. Required fields are marked *