Swiss investment firm Pando Asset recently entered the increasingly crowded race for U.S. regulatory approval of a spot Bitcoin exchange-traded fund (ETF). The surprise last-minute filing comes as the SEC deadline nears for deciding on over a dozen similar ETF bids.

Pando submitted registration forms late November for a proposed Bitcoin trust product aiming to directly track cryptocurrency prices. The ETF would custody assets at crypto exchange Coinbase to hold Bitcoin on the trust's behalf if greenlit.

The SEC must approve or deny spot Bitcoin ETF applications from heavyweights like ARK Invest and Grayscale by January 10th. Pando's eleventh-hour entry raised eyebrows, as analysts questioned why the firm joined so late and the fairness implications if approved alongside longer-standing applicants.

In separate news, BlackRock met with SEC officials to revise its ETF model to address previously raised concerns around balance sheet impacts and risks to U.S. broker-dealers transacting in Bitcoin. The updated structure sees an offshore entity acquiring Bitcoin from Coinbase before pre-paying registered broker-dealers in cash.