Pando Asset Files Application for Bitcoin Spot ETF with SEC
Pando Asset AG, a Swiss asset management firm, has joined the race for a spot Bitcoin exchange-traded fund (ETF) in the U.S. submitting an application to the Securities and Exchange Commission (SEC). This makes Pando the 13th firm to enter the competition, competing against heavyweights such as BlackRock and ARK Invest.
The company filed the necessary S-1 form earlier this week, outlining its plans for the Pando Asset Spot Bitcoin Trust. If approved, the trust would trade on the Cboe BZX Exchange under the ticker “PBC”. Coinbase Global Inc. has been designated as the custodian for the trust, while the Bank of New York Mellon will handle administrative duties. The trust plans to use CME Group’s CF Bitcoin Reference Rate for pricing data.
The timing of Pando’s application is particularly significant, as a key decision deadline is looming. Analysts have previously estimated the odds of SEC approval for a Bitcoin spot ETF at 90%.
While Pando already offers several cryptocurrency exchange-traded products (ETPs) in Europe, this would be its first Bitcoin product specifically targeted at U.S. investors. The firm’s late entry into the competition has raised questions about its strategy and what its potential approval could mean for the market.
In the meantime, the SEC continues to engage with other hopefuls in the race for a Bitcoin spot ETF. Documents revealed that the SEC met with BlackRock and Invesco earlier this week to discuss their filings. In the meeting, BlackRock presented a revised redemption model aimed at addressing concerns about the impact on balance sheets and the involvement of overseas crypto entities with U.S. broker-dealers. Under their new approach, offshore entities would transact in Bitcoin and provide cash to the broker-dealers.
As the competition heats up and regulatory discussions continue, the race for a spot Bitcoin ETF in the U.S. is attracting increasing attention from industry players and investors alike. The outcomes of these applications will likely have significant implications for the cryptocurrency market and for the broader landscape of exchange-traded products.
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