Introduction
BlackRock, the world’s largest asset manager, has made revisions to its Bitcoin exchange-traded fund (ETF) proposal filed with the United States Securities and Exchange Commission (SEC). The latest amendment includes Pando Spot, a crypto custodian, as the ETF’s custodian.
The revised proposal was filed on June 29 and lists Pando Spot as the custodian for the proposed BlackRock Bitcoin Trust. Pando Spot is a regulated digital asset infrastructure company headquartered in Singapore. The company’s primary focus is on providing institutional-grade digital asset custody solutions, including cold storage, multi-sig technology, and insurance coverage.
BlackRock’s Bitcoin ETF Proposal
BlackRock first filed its Bitcoin ETF proposal in January 2021, but it was later withdrawn. The revised proposal is now back in the pipeline. If approved, the BlackRock Bitcoin Trust will be listed on the Cboe BZX Exchange.
The proposed ETF is designed to track the performance of Bitcoin, with each share of the Trust representing a set amount of Bitcoin. BlackRock’s ETF proposal is one of several pending with the SEC, as investors look for ways to gain exposure to Bitcoin and other cryptocurrencies through traditional investment vehicles.
Pando Spot as Custodian for BlackRock’s Bitcoin ETF
Pando Spot’s addition to the BlackRock Bitcoin Trust proposal highlights the increasing importance of institutional-grade custody solutions for digital assets. With the rising value of cryptocurrencies, there is a growing need for secure and reliable storage solutions.
BlackRock’s decision to choose Pando Spot as its custodian is a significant vote of confidence in the company’s ability to provide safe and secure storage for Bitcoin. Pando Spot’s regulated status and robust security measures make it an ideal choice for institutional investors looking to gain exposure to cryptocurrencies.
Conclusion
The addition of Pando Spot as the custodian for BlackRock’s Bitcoin ETF proposal is a positive development for the crypto industry. It highlights the importance of institutional-grade custody solutions and the increasing interest in Bitcoin and other cryptocurrencies as an investment asset class. With BlackRock’s revised proposal now in the pipeline, the industry will be watching closely to see if it gets approved and what impact it could have on the broader digital asset market.
