Swiss Firm Pando Asset Seeks SEC Nod for Innovative Spot Bitcoin Trust in America
Swiss digital asset manager Pando Asset AG has taken a bold stride in its pursuit of a spot Bitcoin ETF in the U.S. by filing an application with the SEC.
The proposed Pando Asset Spot Bitcoin Trust seeks to offer U.S. investors shares backed by Bitcoin, with administration handled by Bank of New York Mellon and Coinbase Custody serving as the custodian. The primary goal is to provide American investors with a direct Bitcoin ETF that mirrors the cryptocurrency’s performance, allowing them to gain exposure without the need to directly purchase or hold digital assets. Pando, already managing $29 million in assets across its existing exchange-traded products on the SIX Swiss Exchange, boasts a diverse portfolio that includes top crypto assets like Bitcoin, Ethereum, Solana, and Cardano.
Pando’s move aligns it with other prominent contenders in the Bitcoin ETF race, such as BlackRock, VanEck, Valkyrie, and WisdomTree. Despite the SEC’s historical concerns about market manipulation, price volatility, and custody options leading to rejections of spot Bitcoin ETF applications, the crypto community is hopeful that the tide is turning. The filing reflects the growing trend of interest in crypto-based funds, with Pando already offering Bitcoin and Ethereum exchange-traded products in multiple countries, including Germany, the Netherlands, Liechtenstein, and Luxembourg, while actively working to expand its market presence throughout the European Union and the Americas since June 2022.
Clever Robot News Desk 30th November 2023
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