In the ongoing Spot Bitcoin ETF mania, Pando has joined the race with the aim of capturing the opportunities that may arise following the possible approval of BTC Spot ETFs by the US SEC.
Pando submits Spot Bitcoin ETF application
Swiss-based asset management company Pando Asset has become the latest entrant to the market Discover the Bitcoin Exchange Traded Fund (ETF) race. The investment firm has officially submitted its Spot BTC ETF application to the US Securities and Exchange Commission (SEC) on November 29.
The news of the late filing comes as a surprise to the crypto world as the deadlines for the SEC’s decision on the Spot Bitcoin ETF Approval Approach.
In the filing is Pando Asset provided a comprehensive overview of its Spot BTC ETF, PBTC, highlighting its purpose, offering, net asset value, regulatory compliance, tax considerations and other factors.
“The Trust was incorporated as a Delaware statutory trust on November 16, 2023. The purpose of the Trust is to own bitcoin that is transferred to the Trust in exchange for shares issued by the Trust. Each Share represents a fractional, undivided economic interest in the net assets of the Trust. The Trust’s assets consist primarily of bitcoin held by the Bitcoin Custodian on behalf of the Trust,” the filing said.
Pando’s BTC Spot ETF brings the total number of Spot Bitcoin ETFs filed in the crypto space to 13. This includes filings from leading financial institutions such as Grayscale, Black rock, Ark Invest, WisdomTreeand others.
The crypto world is currently anticipating the adoption of these ETFs, as many crypto experts have predicted The debut of Bitcoin Spot ETF could lead to massive inflows for BTC, which could trigger a bull run.
Spot ETF Approval Prediction
While the crypto community waits for the US SEC final ruling on the approval of Spot Bitcoin ETFa Bloomberg analyst, James Seyffart has predicted a favorable approval outcome for BTC Spot ETFs.
According to Seyffart, Spot Bitcoin ETFs could potentially be approved by January 10, 2024. His prediction is also supported by another ETF specialist, Senior Bloomberg analyst Eric Balchunas, who gives a high probability of 90% for the approval of Discover Bitcoin ETFs.
“People ask me if we have changed the odds. No, we’re still sticking with a 90% chance of approval on January 10th (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we look forward to now: more amended/final registrations and clarity on creation in kind versus cash,” Balchunas stated.
BTC price makes its way toward $38,000 | Source: BTCUSD on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com