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

Nov 29. 2023

By Jesse Coghlan

Swiss asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin (BTC $37,905) 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, which include BlackRock, ARK Invest and Grayscale.

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