The Securities and Exchange Commission (SEC) of the United States officially acknowledged Pando Asset AG’s application for a spot Bitcoin ETF, three weeks after it was submitted.
James Seyffart, a senior analyst for Bloomberg ETFs who has been monitoring the spot Bitcoin ETF movement since BlackRock filed its application, confirmed in a recent post that the SEC had acknowledged the filing from the Swiss company Pando.
Significantly, as Seyffart notes, this notification is a typical procedure and does not indicate that the government has approved the application.
The majority of petitioners likewise received this kind of attention, proving that the SEC had received and was reviewing their request. Many of the applications continued to further revise processes beyond this point, but they still did not indicate approval.
The Trading and Markets division of the SEC has had multiple meetings with BlackRock and Grayscale Investments in attendance. BlackRock and SEC representatives met last month to talk about the redemption process for the suggested ETF.
BlackRock appears to favor the “in-kind” redemption model, despite the SEC’s promotion of a cash model description. According to BlackRock, the in-kind model offers the most straightforward framework for its affiliated asset managers and, eventually, the end investors.
Also Read: BlackRock And Bitwise File Updated Spot BTC ETF Application
