There is a new contender in the spot Bitcoin ETF race. Pando Asset, a Swiss asset manager, filed an S-1 form with the U.S. SEC on November 29. If the regulator grants approval, Pando’s fund, identified by the ticker PBTC, will be available for trading on the Cboe BZX exchange, with Coinbase fulfilling the role of custodian. Pando initially entered the cryptocurrency market in Switzerland last year, introducing three crypto ETPs, followed by the launch of two ETFs in Hong Kong.
Pando’s filing places them in a race alongside well-established entities such as BlackRock, Ark Invest, Fidelity, and Grayscale, all competing to become the issuers of the inaugural U.S. spot bitcoin exchange-traded fund. Although the SEC has yet to give the green light to any spot bitcoin ETF applications, industry experts speculate that the first approval may materialize as early as 2024.
In the interim, Grayscale, a major player in the cryptocurrency investment space, has made significant updates to the Grayscale Bitcoin Trust [GBTC] agreement. This marks the first amendment since 2018 and is designed to optimize the structure in anticipation of a conversion to a BTC spot ETF listing. Changes include the adjustment of the management fee collection method from a monthly to a daily basis and the introduction of the capability to commingle assets in omnibus accounts, streamlining the creation and redemption processes.
Bitcoin Futures OI Scales New Peak
Following a brief period of stagnation, Bitcoin recently surpassed the $38,000 mark, experiencing a resurgence in market activity. The renewed optimism is attributed to the potential approval of a spot exchange-traded fund [ETF]. This positive sentiment aligns with traditional market observers predicting imminent rate cuts. Anticipation of spot BTC ETF approvals has been a driving force behind increased institutional involvement in the digital asset market.
Notably, the open interest growth for CME Bitcoin futures has shifted, with Bitcoin Futures Open Interest on CME reaching an all-time high of 27.8% in relative dominance, surpassing Binance for the first time since the onset of the bear market. This shift underscores the integration of digital assets into substantial financial portfolios and highlights the growing sophistication of market participants.
