Key Takeaways
- Pando Asset has made a bold entry, filing a Form S-1 with the Securities and Exchange Commission (SEC) on November 29.
- Recently,SEC moved applications from Franklin Templeton and Hashdex into a public comment period
In the competitive arena of cryptocurrency exchange-traded funds (ETFs) in the United States, Swiss asset manager Pando Asset has made a bold entry, filing a Form S-1 with the Securities and Exchange Commission (SEC) on November 29.
While financial juggernaut BlackRock is engaged in discussions with the SEC to revamp the ETF model, Pando Asset is charting its own course for an exciting venture into the U.S. market.
Pando Asset, recognized for its cryptocurrency Exchange-Traded Products (ETPs) in Europe, achieved a significant milestone with the filing, a pivotal step in the process of registering securities in the U.S. The proposed Pando Asset Spot Bitcoin Trust is setting its sights on a listing on the Cboe BZX Exchange, with Coinbase, a leading U.S. cryptocurrency exchange, slated to act as the custodian.
This strategic move underscores Pando’s meticulous approach to navigating the U.S. market as a foreign contender. Drawing on its success in the European market, where it offers ETPs on the SIX Swiss Exchange tracking the prices of various popular cryptocurrencies, Pando Asset aims to replicate its achievements in the American market.
By leveraging the CF Bitcoin Reference Rate from CME for Bitcoin pricing, Pando aligns itself with established financial practices, enhancing its credibility and appeal to investors.
As the SEC advances in its review process, Pando Asset’s filing comes amid increasing anticipation within the cryptocurrency community. On Tuesday, the SEC moved applications from Franklin Templeton and Hashdex into a public comment period, sparking speculation about a potential acceleration in the review process.
The SEC has a history of rejecting numerous spot Bitcoin ETF applications in recent years, citing failure to meet standards designed to prevent fraudulent and manipulative practices, ultimately prioritizing investor protection and public interest.
Despite the approval of the first bitcoin futures ETF in October 2021, which catapulted bitcoin to an all-time high of $69,000 in November 2021, the SEC has not yet granted approval for any spot Bitcoin ETFs. This has led to heightened anticipation and debate within the cryptocurrency community.
Pando Asset now stands among the 12 hopefuls, alongside industry giants like BlackRock, ARK Invest, and Grayscale, all vying for SEC approval in pursuit of their Bitcoin ETF aspirations.
As the race for a U.S. Bitcoin ETF intensifies, Pando Asset’s entrance adds a new dimension to the landscape, underscoring the growing importance and interest in cryptocurrency investment products on a global scale.
Investors and enthusiasts alike will be closely watching the developments, awaiting potential breakthroughs in the regulatory landscape that could shape the future of Bitcoin ETFs in the United States.
