In the ongoing Spot Bitcoin ETF mania, Pando has joined the race aiming to seize the opportunities that may arise following the potential approval of BTC Spot ETFs by the US SEC.
Pando Submits Spot Bitcoin ETF Filing
Switzerland-based asset management company, Pando Asset has become the latest entrant into the Spot Bitcoin Exchange Traded Fund (ETF) race. The investment firm officially submitted its Spot BTC ETF filing to the United States Securities and Exchange Commission (SEC) on November 29.
The news of the late filing comes as a surprise to the crypto space, as the final dates for the SEC’s decision on the Spot Bitcoin ETF approval approach.
In the filing, Pando Asset provided a lengthy outline of its Spot BTC ETF, PBTC, highlighting its purpose, offerings, net asset value, regulatory compliance, tax considerations, and other factors.
“The Trust was formed as a Delaware statutory trust on November 16, 2023. The purpose of the Trust is to own bitcoin transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of bitcoin held by the Bitcoin Custodian on behalf of the Trust,” the filing stated.
Pando’s BTC Spot ETF brings the total number of filed Spot Bitcoin ETFs in the crypto space to 13. Among them are applications from prominent financial institutions such as Grayscale, BlackRock, Ark Invest, WisdomTree, and others.
The crypto space is presently anticipating the approval of these ETFs, as many crypto experts have predicted that a Bitcoin Spot ETF debut could result in massive inflows for BTC which may trigger a bull run.
Spot ETF Approval Prediction
While the crypto community awaits the US SEC’s final verdict on Spot Bitcoin ETF approval, a Bloomberg analyst, James Seyffart has predicted a favorable approval outcome for BTC Spot ETFs.
According to Seyffart, Spot Bitcoin ETFs could see potential approval by January 10, 2024. His prediction has also been backed by another ETF specialist, Senior Bloomberg analyst, Eric Balchunas who gives a strong 90% likelihood for the approval of Spot Bitcoin ETFs.
“People asking me if we changed the odds. No, we are still holding the line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we are watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates,” Balchunas stated.
BTC price makes its way toward $38,000 | Source: BTCUSD on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
