Switzerland-based Pando Asset has recently entered the race to launch a spot Bitcoin ETF in the United States, becoming one of many applicants. The US Securities and Exchange Commission (SEC) has yet to approve this type of fund, and Pando Asset is seeking to change that.
Pando Asset Spot Bitcoin Trust Proposed
Pando Asset revealed its intentions through a filing on Wednesday, proposing the creation of the Pando Asset Spot Bitcoin Trust. The trust’s assets would primarily consist of bitcoin, which would be held by Coinbase Custody Trust, and the trust administration would be handled by BNY Mellon. A spokesperson for Pando Asset declined to comment on the matter at this time.
The SEC is currently facing an influx of applications, with several major financial players, including BlackRock, Fidelity, and Invesco, presenting live spot Bitcoin ETF applications. This surge of interest poses a significant challenge for the SEC as it considers approving these investment vehicles.
International Approval and Pando Asset’s Expertise
While the US is still deliberating, other countries such as Canada, Brazil, and the Netherlands have already given their approval to spot crypto ETFs in recent years. Additionally, exchange-traded notes (ETNs) collateralized by bitcoin have been available in the market for a longer period.
Pando Asset, already experienced in the European market with three exchange-traded products (ETPs) listed on the SIX Swiss Exchange, plans to leverage its expertise in US crypto products. One of its ETPs consists of a diverse range of crypto assets, including bitcoin, ether, binance coin, cardano, solana, and polkadot.
The SEC is expected to make a decision on the proposed Ark 21Shares Bitcoin ETF by January 10. Industry experts speculate that if approved, this could lead to the approval of multiple similar products. Analysts at Bloomberg Intelligence even predict a 90% likelihood of approval, which would be a significant milestone for cryptocurrency investment opportunities in the US.
