Amidst the fervor of the Spot Bitcoin ETF movement, the Switzerland-based Pando Asset management firm has stepped into the fray, determined to capitalize on what might come from the anticipated sanctioning of BTC Spot ETFs by the United States Securities and Exchange Commission.
With papers lodged on November 29, Pando Asset presented its official bid to participate in the accelerating Spot Bitcoin ETF contest. The entry has caused a stir within the cryptocurrency community, given its timing so near the SEC’s ultimate decision date for these financial instruments.
Within the meticulous submission, Pando Asset laid out an extensive framework for their proposed Spot BTC ETF, known by the ticker PBTC. This dossier detailed the ETF’s purpose, composition, the calculation of its net asset value, adherence to legal standards, taxation implications, and a myriad of additional considerations.
“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 elucidated.
With the inclusion of Pando’s PBTC, the battleground now boasts 13 competitors, each vying for the coveted approval from the US regulatory body. Among the aspirants are industry heavyweights such as Grayscale, BlackRock, Ark Invest, WisdomTree, and others—all competing to introduce the ground-breaking financial product to the marketplace.
As excitement builds, the cryptocurrency sector at large speculates on the ramifications of these ETFs receiving a regulatory nod – speculation seasoned with optimism that such an event could usher in substantial capital influxes into Bitcoin and catalyze a market surge.
Forecasting the potential green light from the SEC for these novel financial vehicles, Bloomberg analyst James Seyffart anticipates a favorable outcome, wagering that the approval of Spot Bitcoin ETFs could materialize by January 10, 2024. His prognosis receives a nod of agreement from Senior Bloomberg analyst Eric Balchunas, who proffers an assertive 90% chance of ETF ratification within the same timeframe.
Amidst all prognostications and filings, the price of Bitcoin has displayed verve as it edges towards the $38,000 mark, adding another layer of intrigue and fervor to the unfolding narrative of the Spot Bitcoin ETF saga.
