Pando enters the competition for U.S. Bitcoin ETF with its latest submission

In a Dec. 5 post, Swiss asset manager Pando enters the competition for a US spot Bitcoin ETF

Pando, a Swiss asset manager, has officially entered the competition for a US spot Bitcoin ETF. The company filed a 19b-4 through the Chicago Board Options Exchange (CBOE), bringing the total number of potential issuers to 13, according to Bloomberg Intelligence analyst James Seyffart.

Better late than never: Pando joins the US spot Bitcoin competition

Pando’s entry into the US spot Bitcoin competition is notable because the company already has three spot crypto exchange-traded products (ETPs) on the SIX Swiss Exchange. Despite being a recent participant, Pando has established its presence in the market.

Pando files a 19b-4 after initial submission of form S-1

Pando filed a 19b-4 just one week after submitting form S-1 for the Pando Asset Spot Bitcoin Trust. The proposed ETF involves the Bank of New York Mellon as the administrator of the Pando Asset Spot Bitcoin Trust. However, it’s important to note that Pando is not registered with the SEC as an investment company.

Spurring on a crypto rally: Positive updates around potential approval of spot Bitcoin ETFs

While no spot Bitcoin ETFs have been approved yet, positive updates regarding potential approval have generated excitement among investors. There is anticipation surrounding the SEC’s upcoming decision on spot ETF approval, which could push Bitcoin (BTC) beyond $40,000. This surge in price reflects a change in market sentiment and hasn’t been seen since April 2022.

Hot Take: Anticipation builds for spot Bitcoin ETF approval by SEC

The filing of Pando as a potential issuer of a US spot Bitcoin ETF adds to the growing competition in the market. Investors are eagerly awaiting the SEC’s decision on spot ETF approval, as positive updates have already fueled a rally in the crypto market. If approved, it could propel Bitcoin’s price beyond $40,000, marking a significant milestone for the cryptocurrency. The industry is holding its breath as it awaits this crucial regulatory decision that could shape the future of Bitcoin and the broader crypto market.