Pando’s ETF bid comes as several spot Bitcoin ETF applications draw closer to a final decision deadline.
Swiss asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin (BTC) exchange-traded fund (ETF) race in the United States.
On the same day, investment giant BlackRock met with the country’s securities regulator to pitch an updated ETF model based on the agency’s feedback.
On Nov. 29, Pando submitted a Form S-1 to the U.S.
Like other ETF bids, the trust aims to track Bitcoin’s price with the custody arm of the crypto exchange Coinbase to hold Bitcoin on behalf of the trust.
Pando is the 13th applicant for an approved spot Bitcoin ETF in the U.S.
In a Nov. 29 X (formerly Twitter) post, Bloomberg ETF analyst Eric Balchunas said he has “more questions than answers” about Pando’s filing, questioning why it came so late.
more questions than answers: where have they been for last 3mo? why bother at this point? if they make Jan 10 crew what does that say about fair play and even society as we know it? And what exactly is a Pando?
— Eric Balchunas (@EricBalchunas) November 29, 2023
Balchunas also raised concern about the implications should Pando’s ETF be among the Bitcoin ETF filings he predicts will be approved on Jan.
“What does that say about fair play and even society as we know it?” he added.
