{"id":203337,"date":"2023-11-30T06:36:44","date_gmt":"2023-11-30T01:06:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203337"},"modified":"2023-11-30T06:36:44","modified_gmt":"2023-11-30T01:06:44","slug":"bitcoin-etf-race-gets-13th-entrant-blackrock-revises-etf-model-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-etf-race-gets-13th-entrant-blackrock-revises-etf-model-crypto-news\/","title":{"rendered":"Bitcoin ETF race gets 13th entrant, BlackRock revises ETF model – Crypto News"},"content":{"rendered":"
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Swiss asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin (BTC<\/a>) exchange-traded fund (ETF) race in the United States.<\/p>\n

On the same day, investment giant BlackRock met with the country\u2019s securities regulator to pitch an updated ETF model based on the agency\u2019s feedback.<\/p>\n

On Nov. 29, Pando submitted<\/a> a Form S-1 to the Securities and Exchange Commission \u2014 used to register securities with the agency \u2014 for the Pando Asset Spot Bitcoin Trust.<\/p>\n

Like other ETF bids, the trust aims to track Bitcoin\u2019s price with the custody arm of the crypto exchange Coinbase to hold Bitcoin on behalf of the trust.<\/p>\n

Pando is the 13th bidder aiming to have an approved spot Bitcoin ETF in the U.S. and joins the race with a dozen others that have been bidding for SEC approval,L fwhich include BlackRock, ARK Invest and Grayscale.<\/p>\n

In a Nov. 29 X (Twitter) post<\/a>, Bloomberg ETF analyst Eric Balchunas said he has \u201cmore questions than answers\u201d about Pando\u2019s filing, questioning why it came so late.<\/p>\n

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more questions than answers: where have they been for last 3mo? why bother at this point? if they make Jan 10 crew what does that say about fair play and even society as we know it? And what exactly is a Pando?<\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) November 29, 2023<\/a><\/p><\/blockquote>\n

Balchunas also raised concern about the implications should Pando\u2019s ETF be among the \u201ccrew\u201d of Bitcoin ETF filings he predicts will be approved<\/a> on Jan. 10. <\/p>\n

\u201cWhat does that say about fair play and even society as we know it?\u201d he added.<\/p>\n

Balchunas and fellow Bloomberg ETF analyst James Seyffart have put their money on Jan. 10 as the day all spot Bitcoin ETFs would be approved at once, as it\u2019s the day the SEC must deny or approve ARK Invest\u2019s bid.<\/p>\n

However, Seyffart told<\/a> his followers on X that he doubts Pando\u2019s ETF \u201cis ready to go on [the] first day with the others but crazier things have happened I guess.\u201d<\/p>\n

BlackRock meets with SEC to discuss ETF bid<\/h2>\n

Meanwhile, the SEC met with BlackRock and Invesco executives on Nov. 28 to discuss their ETF bids, according to agency<\/a> documents<\/a>.<\/p>\n

BlackRock pitched a revision to its redemption model to address the SEC\u2019s concerns from an earlier meeting on balance sheet impacts and risks to U.S. broker-dealers dealing with offshore crypto entities.<\/p>\n

Related: <\/em><\/strong>\u2018Buy the rumor, sell the news\u2019 \u2014 Bitcoin ETF may spark TradFi sell-off<\/em><\/strong><\/a><\/p>\n

Balchunas explained the revision sees the offshore entity getting Bitcoin from Coinbase and pre-paying the U.S. registered broker-dealer in cash, which cannot directly handle Bitcoin.<\/p>\n

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Here’s the original vs revised in-kind model, look like the new thing is STEP 4, which is the offshore entity market maker getting bitcoin from Coinbase and then pre-paying in cash to the US registered broker dealer (who is not allowed to touch bitcoin). pic.twitter.com\/bDgYAnufWA<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) November 29, 2023<\/a><\/p><\/blockquote>\n

Balchunas explained in a Nov. 17 X post<\/a> that broker-dealers can\u2019t deal in Bitcoin and the SEC was asking ETFs to have redemption models that \u201cputs [the] onus on issuers to transact in Bitcoin and keeps broker-dealers from having to use unregistered subsidiaries or third party firms to deal [with] the BTC.\u201d<\/p>\n

Magazine: <\/em><\/strong>Crypto City Guide to Helsinki: 5,050 Bitcoin for $5 in 2009 is Helsinki\u2019s claim to crypto fame<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Swiss asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin (BTC) exchange-traded fund (ETF) race in the United States. On the same day, investment giant BlackRock met with the country\u2019s securities regulator to pitch an updated ETF model based on the agency\u2019s feedback. On Nov. 29, Pando submitted a Form […]<\/p>\n","protected":false},"author":2,"featured_media":203338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-203337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203337"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203337\/revisions"}],"predecessor-version":[{"id":203340,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203337\/revisions\/203340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203338"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}