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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Spot ETF In January 2024: A New Player Just Joined The Game

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin Spot ETF

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In the ongoing Spot Bitcoin ETF mania, Pando has joined the race aiming to seize the opportunities that may arise following the potential approval of BTC Spot ETFs by the US SEC. 

Pando Submits Spot Bitcoin ETF Filing

Switzerland-based asset management company, Pando Asset has become the latest entrant into the Spot Bitcoin Exchange Traded Fund (ETF) race. The investment firm officially submitted its Spot BTC ETF filing to the United States Securities and Exchange Commission (SEC) on November 29.

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The news of the late filing comes as a surprise to the crypto space, as the final dates for the SEC’s decision on the Spot Bitcoin ETF approval approach. 

In the filing, Pando Asset provided a lengthy outline of its Spot BTC ETF, PBTC, highlighting its purpose, offerings, net asset value, regulatory compliance, tax considerations, and other factors. 

“The Trust was formed as a Delaware statutory trust on November 16, 2023. The purpose of the Trust is to own bitcoin transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of bitcoin held by the Bitcoin Custodian on behalf of the Trust,” the filing stated. 

Pando’s BTC Spot ETF brings the total number of filed Spot Bitcoin ETFs in the crypto space to 13. Among them are applications from prominent financial institutions such as Grayscale, BlackRock, Ark Invest, WisdomTree, and others.

The crypto space is presently anticipating the approval of these ETFs, as many crypto experts have predicted that a Bitcoin Spot ETF debut could result in massive inflows for BTC which may trigger a bull run. 

Spot ETF Approval Prediction

While the crypto community awaits the US SEC’s final verdict on Spot Bitcoin ETF approval, a Bloomberg analyst, James Seyffart has predicted a favorable approval outcome for BTC Spot ETFs.

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According to Seyffart, Spot Bitcoin ETFs could see potential approval by January 10, 2024. His prediction has also been backed by another ETF specialist, Senior Bloomberg analyst, Eric Balchunas who gives a strong 90% likelihood for the approval of Spot Bitcoin ETFs. 

“People asking me if we changed the odds. No, we are still holding the line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we are watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates,” Balchunas stated.

BTC price chart from Tradingview.com (Bitcoin Spot ETF)

BTC price makes its way toward $38,000 | Source: BTCUSD on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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