**Bitcoin ETF Race Heats Up with Pando Asset AG’s Last-Minute Entry**
The race for a spot Bitcoin exchange-traded fund (ETF) in the U.S. gained another contender this week, as Swiss asset management firm Pando Asset AG submitted an application to the Securities and Exchange Commission (SEC). This move makes Pando the 13th firm to enter the competition, joining heavyweight contenders such as BlackRock and ARK Invest.
**Pando Asset Spot Bitcoin Trust: A Closer Look**
Pando 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. Nate Geraci, president of the ETF Store, noted the significance of Pando’s entry, stating, “The more issuers, the harder it becomes to deny a Bitcoin spot ETF. The momentum continues to build!”
**Pando’s Entry Sparks Speculation**
In a post announcing the filing, analyst Eric Balchunas raised questions about why Pando is entering the race 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.
Overall, Pando’s surprise entry into the Bitcoin ETF race has added a new dimension to the already intense competition. With the deadline for the SEC’s decision approaching, the crypto community eagerly awaits the outcome of this high-stakes race.
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