Bitcoin ETF race gets 13th entrant, BlackRock revises ETF model

cointelegraph.com:

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’s securities regulator to pitch an updated ETF model based on the agency’s feedback.

On Nov. 29, Pando submitted a Form S-1 to the Securities and Exchange Commission — used to register securities with the agency — for the Pando Asset Spot Bitcoin Trust.

Like other ETF bids, the trust aims to track Bitcoin’s price with the custody arm of the crypto exchange Coinbase to hold Bitcoin on behalf of the trust.

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.

In a Nov. 29 X (Twitter) post, Bloomberg ETF analyst Eric Balchunas said he has “more questions than answers” about Pando’s filing, questioning why it came so late.

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?

Balchunas also raised concern about the implications should Pando’s ETF be among the “crew” of Bitcoin ETF filings he predicts will be approved on Jan. 10.

“What does that say about fair play and even society as we know it?” he added.

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’s the day the SEC must deny or approve ARK Invest’s bid.

However, Seyffart told his followers on X that he doubts Pando’s ETF “is ready to go on [the]