"BlackRock Joins Bitcoin ETF Race as Hype and Market Manipulation Concerns Persist"

Swiss asset manager Pando Asset has entered the race for a spot Bitcoin ETF in the US, becoming the 13th applicant. Pando submitted a Form S-1 to the SEC for the Pando Asset Spot Bitcoin Trust, aiming to track Bitcoin's price with Coinbase as the custodian. Bloomberg ETF analyst Eric Balchunas raised questions about Pando's late entry and the implications if it is approved alongside other ETF filings on Jan. 10. Meanwhile, BlackRock met with the SEC to discuss its ETF bid and pitched a revised redemption model to address concerns about balance sheet impacts and risks to US broker-dealers dealing with offshore crypto entities.