Bitcoin News Today: Pando Plans Ethereum ETF With Staking In Hong Kong

Pando, a licensed virtual asset management company, has announced plans to launch a physically-backed Ethereum ETF with a staking mechanism in Hong Kong during the second half of this year. This announcement comes after the successful listing of their Bitcoin ETF, which saw a notable increase in its value during its first trading session.

The Ethereum ETF, unlike other issuers, will not be a simple spot-holding product. Instead, it will incorporate an additional yield mechanism through staking, which is a process where Ethereum holders can lock up their tokens to support the network and earn rewards. This innovative approach aims to provide investors with both capital appreciation and additional income.

Pando's founder and CEO, Ren Junfei, revealed that the company is currently in discussions with regulatory authorities to ensure the safeguarding of investor rights and to determine specific operational directions, such as creation and redemption processes. This indicates a commitment to regulatory compliance and investor protection, which is crucial for the success of any new financial product.

The Bitcoin ETF, which was listed in Hong Kong, is a passive ETF that directly holds Bitcoin. The listing price was approximately 7.8512 Hong Kong dollars per unit, with a lot size of 100 shares and an entry fee of about 786 Hong Kong dollars. The management fee is set at 1%. BOC International-HK Trust Limited serves as the custodian and administrator, while OSL Digital Securities Limited acts as the Bitcoin custody sub-custodian. This structure ensures the security and proper management of the ETF's assets.