Pando’s 19b-4 Filing Sparks Excitement in the U.S. Bitcoin ETF Race

Swiss asset manager Pando marks a significant step in its expansion with the latest move into the U.S. financial market. On December 5, the firm filed a 19b-4 with the Chicago Board Options Exchange (CBOE), officially joining the race for the much-anticipated U.S. spot Bitcoin ETF. This development places Pando among 13 potential issuers vying for the spot in a market brimming with opportunity.

Pando’s Existing Crypto Credentials

Although new to the U.S. Bitcoin ETF arena, Pando is no stranger to crypto exchange-traded products (ETPs). The firm already has a foothold in the European market with three other spot crypto ETPs listed on the SIX Swiss Exchange. This move signifies Pando’s expanding ambitions and commitment to establishing a global presence in the cryptocurrency sector.

The recent filing follows closely on the heels of Pando’s initial form S-1 submission, which registered securities with the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust. The Bank of New York Mellon is set to play a pivotal role as the administrator for this proposed ETF. However, Pando is not registered with the SEC as an investment company, adding complexity to their application.

Bitcoin Price Rallies Past $43K

The cryptocurrency market has shown a positive response, with Bitcoin’s price surging above $43,000, a peak not witnessed before the TerraUSD collapse in May 2022. This uptick reflects the market’s optimism about the potential approval of a U.S. spot Bitcoin ETF. Analysts, including Bloomberg Analyst Eric Balchunas, express strong confidence in the likelihood of an ETF approval, pegging the odds at 90% by January 10.

Impact of the Proposed ETF on Bitcoin Market

The crypto community is closely monitoring the developments around the U.S. spot Bitcoin ETF, especially in light of the upcoming Bitcoin halving event. Data from Coinglass indicates a significant impact already, with over $109 million in Bitcoin short positions being liquidated in the past 24 hours. This movement underscores the market’s sensitivity to regulatory progress and the anticipation surrounding the SEC’s decision.

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