With the increasing anticipation of a Bitcoin spot ETF, a new institution has joined the competition. Swiss asset management company Pando Asset has officially submitted an application to the SEC, becoming the 13th challenger seeking approval for a Bitcoin spot ETF.
Cryptocurrency markets are eagerly awaiting the launch of the first Bitcoin spot ETF in the United States. Amidst the frenzy of applications from various ETF issuers such as BlackRock and Fidelity, Bloomberg analyst James Seyffart confirmed last night that Swiss asset management company Pando Asset has officially submitted an application to the SEC, becoming the latest institution seeking approval for a Bitcoin spot ETF.
Currently, there are “13 institutions” vying for this financial product that could introduce billions of dollars in new capital to the cryptocurrency world. Pando Asset already has three other spot cryptocurrency exchange-traded products (ETPs) listed on six major exchanges in Switzerland. The application will be managed by The Bank of New York Mellon as the trustee of Pando Asset Spot Bitcoin Trust.
SEC in Close Consultation with Institutions
In recent times, the U.S. Securities and Exchange Commission has been in frequent consultations with spot ETF issuers, which has increased investor confidence in the imminent approval by the SEC. The current progress includes:
Bloomberg analyst Eric Balchunas pointed out that there are rumors in the market that the SEC may initially only approve cash redemption mechanism. However, most issuers are prepared to handle both possibilities. If BlackRock receives support from the SEC, many issuers will choose to trade in physical form; otherwise, they will adopt the cash mechanism.
BlackRock and Bitwise’s ETF S-1 amendment strengthens monitoring measures for abnormal price movements and enhances anti-money laundering compliance. In addition, the document includes an audit statement from RSM US LLP, demonstrating the issuers’ and SEC’s emphasis on financial transparency and compliance.
BlackRock has already raised $100,000 in “seed funding” for its proposed Bitcoin spot ETF on October 27.
Key Time for SEC’s Next Review
Furthermore, according to Bloomberg analyst James Seyffart, we can expect the SEC to issue another review opinion before mid-January next year. If all goes well, we may see the birth of the first BTC spot ETF in just over a month after that.
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Further Reading:
Bitcoin Spot ETF Frontline: SEC Reveals Details of Discussions with BlackRock and Grayscale: Physical Redemption, Cash Redemption…
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Pando Asset
SEC
Bitcoin Spot ETF