Home
News
- 1 The BTC market is positive amidst all the spot Bitcoin exchange-traded fund (ETF) filings by TradFi players.
- 2 Pando has entered the competitive arena of spot Bitcoin ETF bids in the U.S.
The Bitcoin (BTC) market is quite optimistic after the recent frenzy of spot Bitcoin exchange-traded fund (ETF) filings. In the past several months, it has seen multiple traditional finance (TradFi) players stepping ahead for the BTC ETFs. Recently, Switzerland-based asset manager firm, Pando Asset, filed for the spot Bitcoin ETF with the SEC in the United States.
According to Form S-1 filing with the Securities and Exchange Commission (SEC) on November 29, 2023, Pando Asset seeks approval of its ‘Pando Asset Spot Bitcoin Trust.’ The asset manager will have the leading U.S. cryptocurrency exchange Coinbase as a custodian for the services.
Pando has entered the competitive arena of spot Bitcoin ETF bids in the U.S., becoming the 13th contender vying for approval from the Securities and Exchange Commission (SEC). This development places Pando alongside prominent players like BlackRock, ARK Invest, and Grayscale, all racing for the coveted approval.
On November 29, Bloomberg ETF analyst Eric Balchunas expressed skepticism and raised questions about Pando’s filing via a Twitter post, stating he has “more questions than answers” and pondering the late arrival of the submission.
Balchunas particularly highlighted concerns about the potential consequences if Pando’s ETF were to be part of a cluster of Bitcoin ETF approvals he predicted on January 10.
Balchunas questioned the implications for fair play and societal norms, adding a layer of uncertainty to the unfolding narrative surrounding spot Bitcoin ETFs. He, along with fellow Bloomberg ETF analyst James Seyffart, has chosen January 10 as the day when all spot Bitcoin ETFs might receive simultaneous approval, aligning with the SEC’s decision for ARK Invest’s bid.
Seyffart, while expressing doubt about Pando’s ETF being ready to launch on the same day as others, acknowledged the unpredictable nature of such events, stating, “crazier things have happened, I guess.”
As the race for spot Bitcoin ETF approval intensifies, industry analysts closely scrutinize each filing, raising pertinent questions about timing, readiness, and the broader implications for the cryptocurrency landscape. The countdown to January 10 becomes a focal point, with market participants eagerly awaiting the SEC’s decision and its potential impact on the evolving dynamics of Bitcoin investment opportunities.
SEC Chair Gary Gensler on Bitcoin ETFs
The Securities and Exchange Commission (SEC) Chair Gary Gensler refrained from providing insights on potential developments regarding the pending applications for spot Bitcoin ETFs during a Healthy Markets Association conference on Wednesday.
In response to journalists’ inquiries, Gensler opted not to “pre-judge” the matter, emphasizing the agency’s commitment to a “time-tested process” in its review procedures, a term he has used in the past.
The crypto industry, in eager anticipation, awaits the SEC’s decision on what could mark the approval of the first spot Bitcoin ETF. Notable players in the asset management sector, including BlackRock and Fidelity, have submitted multiple applications over recent months. However, these applications have faced delays, leaving industry observers and participants awaiting regulatory clarity.
Gensler’s reluctance to disclose potential outcomes adds an element of suspense to the regulatory landscape, heightening industry interest in the SEC’s approach to these groundbreaking financial instruments.
As stakeholders navigate the intricate regulatory landscape, the wait for a decisive stance on spot Bitcoin ETFs continues, shaping the trajectory of crypto investment opportunities.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
