[NEWS] Swiss asset management firm Pand Asset files for Bitcoin physical ETF, 13th in the U.S.

On the 29th, Swiss asset management company Pando Asset filed an application with the SEC (U.S. Securities and Exchange Commission) for a Bitcoin spot ETF called the Pando Asset Spot Bitcoin Trust. The ticker symbol is "PBTC."

If approved, the fund will be traded on the Cboe BZX exchange (Chicago Board Options Exchange) with cryptocurrency exchange Coinbase and Bank of New York Mellon (BNY Mellon) as custodians.

According to the application, the CME's CF Bitcoin Reference Rate (BRR) will be used to set the price of Bitcoin (BTC). BNY Mellon will be the trust administrator because Pando Asset is a foreign company and is not registered or regulated by the SEC or any other U.S. agency.

Like other companies applying for Bitcoin spot ETFs, Pando Asset has mentioned the risks of the fund. It also said that if the SEC approves other pending applications, it may not be possible for its own Bitcoin spot ETF to acquire assets first or substantially.

Pando Asset claims to offer lower fees and faster, more efficient product delivery than competing providers. It also says that its ETFs may trade at a discount if there is insufficient liquidity in the secondary market.

Pando Asset offers cryptocurrency ETPs (exchange-traded funds) to European investors.

SEC in talks with BlackRock and Invesco again

The SEC is seriously investigating applications for a Bitcoin spot ETF, and it is expected to be realized as early as next year. Currently, BlackRock, Fidelity, Invesco, Hashdex, and others have applied, but the SEC has postponed its decision.

The SEC reportedly held talks with representatives of Invesco and BlackRock about a Bitcoin spot ETF on the 28th.

In an amendment to its SEC filing, BlackRock said, "We understand that the SEC has questions regarding the impact of the market maker's balance sheet on the U.S. registered broker-dealer entity (MM-BD) at the November 20 meeting and issues related to the risk to the market maker regarding the redemption process. However, this is different from the market maker's unregistered entity (MM-crypto) during the redemption flow. This can be resolved by creating a cash receipt from the offshore MM to the onshore MM, then transferring the cash directly to leave it onshore after everything is done," and stated that the SEC's concerns can be resolved.

Reference:Filing documents
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