Unexpectedly joining the American spot Bitcoin exchange-traded fund (ETF) race late is Swiss asset manager Pando Asset.

The nation's securities regulator and investment behemoth BlackRock met on the same day to present an updated ETF model that took the agency's input into consideration.

For the Pando Asset Spot Bitcoin Trust, Pando filed a Form S-1, which is used to register securities with the SEC, to the agency on November 29.

The trust, like other ETF bids, aims to track the price of Bitcoin and uses Coinbase's custody division to hold the cryptocurrency on its behalf.

Pando joins the race alongside twelve other applicants, including BlackRock, ARK Invest, and Grayscale, as the thirteenth applicant for an approved spot Bitcoin ETF in the United States.

Eric Balchunas, an analyst for Bloomberg ETFs, stated in a post on X (formerly Twitter) on November 29 that he has "more questions than answers" regarding Pando's filing and questioned why it was submitted so late.

In addition, Balchunas expressed his concern about the potential repercussions if Pando's ETF is one of the Bitcoin ETF applications that he believes will be accepted on January 10.

“What does that say about fair play and even society as we know it?” he said.

Since the SEC has until January 10 to accept or reject ARK Invest's application, Balchunas and fellow

Bloomberg ETF analyst James Seyffart have staked their bets on that day for the simultaneous approval of all spot Bitcoin ETFs.

Seyffart, though, expressed to his fans on X that he doesn't think Pando's ETF "is ready to go on [the] first day with the others, but I guess crazier things have happened."

Sources:

https://cointelegraph.com/news/pando-spot-bitcoin-etf-blackrock-revises-etf

https://www.sec.gov/Archives/edgar/data/2001771/000182912623007712/pandoasset_s1.htm

https://twitter.com/EricBalchunas/status/1729960006961738107

https://twitter.com/JSeyff/status/1729938389552497075