Swiss Firm Files for Bitcoin ETF: Analysts Fear Approval Delay
Swiss firm Pando Asset joins the race for a U.S. Bitcoin ETF, Analyst Worry about the Impact
Another major firm has joined the popular race for a Bitcoin ETF, Swiss asset manager Pando Asset has entered the race for a spot Bitcoin exchange-traded fund (ETF) in the United States, submitting their bid on Nov. 29. With a goal to create a fund that follows the price of Bitcoin, They have made it clear that Coinbase will be holding the Bitcoin for them.
 Joining others like BlackRock, ARK Invest, and Grayscale, Pando is the 13th company trying to get approval from the Securities and Exchange Commission (SEC).
On the same day, investment giant BlackRock had talks with the SEC about their own ETF idea. They talked about handling Bitcoin safely and suggested changes to make it fit the SEC's rules.
Bloomberg ETF analyst Eric Balchunas, who predicted spot Bitcoin ETF approval to be on Jan 10, expressed surprise and confusion over Pando's late entry. He is worried about what it would mean if Pando's ETF got approved along with others on Jan. 10, the deadline for the SEC to decide on ARK Invest’s bid. He and fellow analyst James Seyffart think all spot Bitcoin ETFs might get approved on that day.
BlackRock's meeting with the SEC was about adjusting their ETF proposal. They want to make sure it meets the SEC's requirements, focusing on how to deal with Bitcoin without breaking any rules. Balchunas explained that BlackRock's new plan involves using cash instead of directly dealing with Bitcoin, following the SEC's guidelines.
