Switzerland’s Pando Asset Proposes Spot Bitcoin Trust
Switzerland-based Pando Asset has joined the race to launch a spot Bitcoin ETF in the United States. The company has filed a proposal with the US Securities and Exchange Commission (SEC) to create the Pando Asset Spot Bitcoin Trust. The trust would primarily hold bitcoin, with custody provided by Coinbase Custody Trust and administration duties handled by BNY Mellon. Pando Asset has not yet commented on the filing.
Surge in Spot Bitcoin ETF Applications
The SEC is currently receiving a large number of spot Bitcoin ETF applications, including those from major financial firms like BlackRock, Fidelity, and Invesco. This influx of interest poses a challenge for the SEC as it considers approving these investment vehicles.
Spot Crypto ETFs Internationally
Regulators in Canada, Brazil, and the Netherlands have already approved spot crypto ETFs in recent years. Additionally, crypto exchange-traded notes (ETNs) have been available in the market for some time. Pando Asset aims to leverage its expertise in European crypto products as it enters the US market with its suite of three exchange-traded products (ETPs) on the SIX Swiss Exchange.
The SEC is expected to make a decision on the proposed Ark 21Shares Bitcoin ETF by January 10. If approved, this could open the door for multiple similar products. Bloomberg Intelligence analysts estimate a 90% likelihood of approval, which would be a significant milestone for cryptocurrency investment opportunities in the US.
Hot Take: New Contender Emerges in US Spot Bitcoin ETF Market
Pando Asset has thrown its hat into the ring of companies vying to launch a spot Bitcoin ETF in the US. With its proposal for the Pando Asset Spot Bitcoin Trust, the Switzerland-based firm hopes to gain approval from the SEC. This comes as the SEC faces a surge of applications for spot Bitcoin ETFs, signaling a potentially transformative moment for cryptocurrency investment in the US. While spot crypto ETFs have already been approved internationally, Pando Asset aims to bring its expertise from the European market to the US. The SEC’s upcoming decision on the Ark 21Shares Bitcoin ETF could set a precedent for future approvals.
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