The Swiss company joins a dozen other financial services firms in seeking approval that would track the ongoing price of bitcoin.
The SEC is weighing multiple spot bitcoin applications.
Photo from Unsplash
Posted November 29, 2023 at 3:16 pm EST.
Add Pando Asset to the list of companies that are seeking U.S. regulatory approval for a spot bitcoin exchange traded fund (ETF).
The Switzerland-based crypto asset manager filed an application with the Securities and Exchange Commission (SEC) on Wednesday to offer an ETF based primarily on the ongoing price of bitcoin, the Pando Asset Spot Bitcoin Trust.
“The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust,” Pando said in its filing. “The Trust seeks to reflect generally the performance of the price of bitcoin.”
Pando Asset becomes the 13th company with spot bitcoin ETFs before the SEC, joining such financial services powerhouses as BlackRock and Fidelity Investments, which submitted their own applications in June. The SEC had previously rejected multiple applications.
But the BlackRock and Fidelity filings, and others, have buoyed investors who have sent bitcoin, the largest cryptocurrency by market capitalization, and other digital asset prices skyward. BTC has spiked more than 50% since BlackRock filed its application.
Read More: Giant Asset Management Firm BlackRock Files for Spot Ethereum ETF
Bitcoin was recently trading at about $37,857, roughly flat over the past hour and down about 1% during the last 24 hours.
Pando Asset is the brainchild of blockchain technology executives from Huobi Group and Deutsche Boerse AG, among others. Its current products include the Pando Asset Crypto 6 ETP, which lists on the SIX Swiss Exchange and tracks a basket of cryptocurrencies.
We have a late entrant into the spot bitcoin ETF race…
Pando, who already offers crypto ETPs in Europe. pic.twitter.com/OamnqJrUNJ
— Nate Geraci (@NateGeraci) November 29, 2023
