Bitcoin ETF

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<ul>
 <li style="font-weight: 400">Pando Asset, a Swiss asset management firm, filed a new application for a spot bitcoin ETF.</li>
 <li style="font-weight: 400">The firm already offers crypto exchange traded products in Europe.</li>
</ul>
Swiss asset manager Pando Asset became the latest firm to seek approval for a spot bitcoin ETF, filing an <a href="https://www.sec.gov/Archives/edgar/data/2001771/000182912623007712/pandoasset_s1.htm" rel="noopener noreferrer nofollow">S-1 form</a> with the Securities and Exchange Commission on Wednesday.
Pending approval, the Pando Asset Spot Bitcoin&nbsp; BTC Trust would trade on the Cboe BZX Exchange, with Coinbase as a custodian. For bitcoin pricing, the filing mentions use of CME’s CF Bitcoin Reference Rate.&nbsp;
Pando already offers exchange traded products that track prices of leading cryptocurrencies to European traders on the SIX Swiss Exchange, according to its <a href="https://www.pandoasset.com/#products" rel="noopener noreferrer nofollow">website</a>.&nbsp;
Read Also: <a class="row-title" href="https://bitcoinworld.co.in/sec-postpones-decision-on-hashdex-bitcoin-etf/" aria-label="“SEC Postpones Decision On Hashdex Bitcoin ETF” (Edit)" rel="noopener noreferrer nofollow">SEC Postpones Decision On Hashdex Bitcoin ETF</a>
Although the industry is eagerly anticipating the first spot crypto ETF, the SEC has yet to approve one.&nbsp;
The regulator has so far moved to delay the other applications it received from asset management giants including BlackRock, Fidelity, 21Shares &amp; Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton.
On Tuesday, the SEC moved applications from Franklin Templeton and Hashdex into a public comment period, making some observers think that the agency could be accelerating the speed of the review process.&nbsp;
The SEC on Tuesday also had fresh meetings with representatives from <a href="https://www.sec.gov/comments/sr-cboebzx-2023-038/srcboebzx2023038-302999-780422.pdf" rel="noopener noreferrer nofollow">Invesco</a> and <a href="https://www.sec.gov/comments/sr-nasdaq-2023-016/srnasdaq2023016-303319-781202.pdf" rel="noopener noreferrer nofollow">BlackRock</a>, according to documents on the agency’s website.
“During our 11/20 meeting with Trading &amp; Markets staff, we understood the SEC has certain unresolved questions around the In-kind model relating to balance sheet impacts and risks to the Market Maker’s U.S. Registered Broker/Dealer entity (“MM-BD”, as distinct from the Market Maker’s unregistered entity (“MM-crypto”)) during the redemption flow,” BlackRock <a href="https://www.sec.gov/comments/sr-nasdaq-2023-016/srnasdaq2023016-303319-781202.pdf" rel="noopener noreferrer nofollow">said</a>.
It proposed an approach it said would resolve those concerns.&nbsp;
Read Also: <a class="row-title" href="https://bitcoinworld.co.in/sec-delays-verdict-on-franklin-and-globe-xs-bitcoin-etf-applications/" aria-label="“SEC Delays Verdict On Franklin and Globe X’s Bitcoin ETF Applications” (Edit)" rel="noopener noreferrer nofollow">SEC Delays Verdict On Franklin and Globe X’s Bitcoin ETF Applications</a>
“If the only issue here is the balance sheet of the US BD market maker, then BlackRock’s proposal *should* satisfy the concern,” Van Buren Capital’s Scott Johnsson wrote on X.&nbsp;
“The only difference with the prior in-kind model is creating a cash receivable from the off-shore MM to the on-shore MM and then transferring the cash directly so it sits on-shore after all is said and done.” He added.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 If the only issue here is the balance sheet of the US BD market maker, than BlackRock's proposal *should* satisfy the concern. The only difference with the prior in-kind model is creating a cash receivable from the off-shore MM to the on-shore MM and then transferring the cash…
 — Scott Johnsson (@SGJohnsson) <a href="https://twitter.com/SGJohnsson/status/1729929904974614950?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2023</a>
</blockquote>
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Pando Asset Joins Race For Spot Bitcoin ETF

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