In a notable strategic move, Swiss asset manager Pando has recently entered the U.S. financial market by filing a 19b-4 form with the Chicago Board Options Exchange (CBOE) on December 5. This filing signals Pando’s entry into the competition for a U.S. spot Bitcoin ETF, putting the firm among 13 contenders vying for a share of this emerging market.
Pando, although a newcomer to the U.S. Bitcoin ETF scene, brings significant experience in crypto exchange-traded products (ETPs) from the European market. The firm already has three spot crypto ETPs listed on the SIX Swiss Exchange, showcasing its growing global aspirations in the cryptocurrency sector.
This recent move by Pando follows its initial submission of the S-1 form, registering securities with the U.S. Securities and Exchange Commission (SEC) for the company’s Spot Bitcoin Trust. The Bank of New York Mellon is designated as the administrator for this proposed ETF. However, it’s worth noting that Pando’s lack of SEC registration as an investment company adds a layer of complexity to their application.
Bitcoin’s price has responded positively to these developments, surpassing $43,000, a level not seen since the TerraUSD collapse in May 2022. This surge reflects market optimism regarding the potential approval of a U.S. spot Bitcoin ETF. Industry analysts, including Bloomberg’s Eric Balchunas, express high confidence in the ETF’s approval, estimating a 90% probability by January 10.
The crypto community is closely monitoring the progress of the U.S. spot Bitcoin ETF, especially with the upcoming Bitcoin halving event. Coinglass data reveals a significant impact, with over $109 million in Bitcoin short positions liquidated in the last 24 hours. This underscores the market’s heightened sensitivity to regulatory developments and eagerness for the SEC’s decision.
Pando’s foray into the U.S. financial market with its Bitcoin ETF proposal represents a strategic step in global expansion. Leveraging its European experience, the firm navigates the U.S. regulatory landscape. The optimistic market response highlights the significance of this development in the broader context of cryptocurrency acceptance and regulation.
