With the decision deadline looming, a Swiss asset manager joins the Bitcoin ETF race in the US.
Pando is the 13th firm to throw its hat in the ring, joining heavyweight competitors such as BlackRock and ARK Invest. The company filed the requisite S-1 form on Tuesday outlining plans for the Pando Asset Spot Bitcoin Trust, which would trade on the Cboe BZX Exchange under the ticker "PBC" if approved.
Coinbase Global Inc. has been designated to serve as custodian, while the Bank of New York Mellon will take on administrative duties. The trust intends to use CME Group's CF Bitcoin Reference Rate for pricing data.
The bid comes at a critical juncture, with a key decision deadline looming.
In a post announcing the filing, Balchunas raised questions about why Pando is entering so late and what it might mean if its product is among those greenlit. The analysts previously estimated the odds of SEC approval at 90%.
Pando currently offers several cryptocurrency exchange-traded products (ETPs) in Europe, but this would mark its first Bitcoin product targeted at U.S. investors.
Meanwhile, the regulator continues to engage with other hopefuls. Documents show the SEC met with both BlackRock and Invesco on Monday to discuss their filings.
At that meeting, BlackRock presented a revised redemption model to address concerns around balance sheet impacts and overseas crypto entities interfacing with U.S. broker-dealers. The new approach would have those offshore entities transact in Bitcoin and provide cash to the broker-dealers.