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Pando: Plans to Launch Physically Backed Ethereum ETF with Staking Mechanism in Hong Kong in the Second Half of the Year
BlockBeats News, July 19th, according to HK01 report, the "PandDuo Bitcoin ETF" (2818) issued by licensed virtual asset management company PandDuo was listed in Hong Kong yesterday. During the trading session, it surged more than 13% at one point, closing at 7.98 Hong Kong dollars, up 0.129 Hong Kong dollars for the day, a 1.64% increase. PandDuo's founder and CEO Ren Junfei revealed intentions to "further expand the territory," planning to launch a physically-backed Ethereum ETF product with a pledge mechanism in the second half of this year in Hong Kong.
When asked why this time there was no simultaneous launch of a physically-backed Ethereum ETF like other issuers, Ren Junfei disclosed that they plan to launch an Ethereum ETF with a pledge component this year, not just a simple spot-holding product but also incorporating an additional yield mechanism. They are currently in discussions with regulatory authorities on safeguarding investor rights, as well as specific operational directions such as creation and redemption processes.
The PandDuo Bitcoin ETF is a passive ETF that directly holds Bitcoin. The listing price is 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 1%. BOC International-HK Trust Limited serves as the custodian and administrator, while OSL Digital Securities Limited acts as the Bitcoin custody sub-custodian.
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