Swiss Firm Proposes Groundbreaking Bitcoin Trust
Pando Asset, a Swiss firm specializing in managing assets, has put forward a proposal for a spot bitcoin ETF. This move was initiated by submitting an S-1 form to the Securities and Exchange Commission earlier in the week.
Should this proposal gain approval, the Pando Asset Spot Bitcoin Trust will be available for trading on the Cboe BZX Exchange. Additionally, Coinbase is anticipated to act as the custodian for this trust, while bitcoin pricing will be reliant on CME’s CF Bitcoin Reference Rate, as stated in the filing.
Pando Asset already caters to European traders by offering exchange traded products that follow the prices of major cryptocurrencies through the SIX Swiss Exchange, as per their website.
Although the financial industry eagerly awaits the launch of the first spot crypto ETF, the SEC has yet to give the green light. Notably, various applications from major players in asset management like BlackRock, Fidelity, 21Shares & Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex, and Franklin Templeton have faced delays in approval by the regulator.
Recent developments at the SEC, such as moving applications from Franklin Templeton and Hashdex into a public comment phase, have sparked speculation about a potential hastening of the review process.
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Moreover, the SEC held recent discussions with representatives from Invesco and BlackRock, as indicated by documents available on the agency’s website.
Scott Johnsson from Van Buren Capital mentioned, “If the primary issue revolves around the balance sheet of the US BD market maker, then BlackRock’s proposal should assuage those concerns. Essentially, the key difference with the previous in-kind model involves generating a cash receivable from the offshore MM to the onshore MM, followed by a direct transfer of the cash so that it ends up onshore once all is said and done.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
