13th Participant Enters The Bitcoin ETF Contest, BlackRock Updates The ETF Model

Pando's ETF offer coincides with the approaching timeframe for an agreement on a number of spot Bitcoin ETF registrations.

Source: www.aa.com.tr

Unexpectedly joining the American spot Bitcoin exchange-traded fund (ETF) sweepstakes after is Swiss funds manager Pando Asset. The nation's securities controller and investing behemoth BlackRock met on a single day to present an upgraded ETF model that took the bureau's input into consideration. Pando filed a Form S-1, which can be utilized to file a registration of assets with the Securities and Exchange Commission, with regard to the Pando Asset Spot Bitcoin Trust before the government body on November 29. The trust, which works like other ETF proposals, intends to monitor the value of Bitcoin and uses Coinbase's custodians' division to handle the cryptocurrency on its behalf.

Group that includes BlackRock, ARK Invest, and Grayscale, the other twelve bidders vying for SEC clearance, Pando is the thirteenth candidate seeking the privilege of having a spot Bitcoin ETF authorized in the United States. Eric Balchunas, a Bloomberg ETF analyst, stated in a Nov. 29 X (Twitter) tweet that he has a lot more concerns than replies regarding Pando's file and questioned why it was submitted so shortly thereafter.

BlackRock and The SEC Convene to Talk About The ETF Proposal

Based on agency papers, the SEC met with officials from BlackRock and Invesco on November 28 to hear about their bids for exchange-traded funds (ETFs). In response to the SEC's concerns raised during a previous meeting on the effects on balance sheets and vulnerabilities to U.S. intermediaries doing business with overseas cryptocurrency businesses, BlackRock proposed a tweak to their redemption methodology.

The approval of a spot Bitcoin ETF could initially boost Bitcoin's corporate legitimacy, but the excitement might quickly fade. Joshua Lim, Genesis Trading's head of derivatives, shared his thoughts on X (previously known as Twitter) on November 28, forecasting a turbulent beginning for Bitcoin's price in 2024. According to Lim and several others, this scenario could exemplify the classic market adage of "buy the rumor, sell the news." There's also concern, shared by Lim and others, about the potential price risks for average traders on the day the ETF gets its official nod.

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