Swiss firm Pando becomes 13th filer for spot bitcoin ETF

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Dec 4 (Reuters) – Pando Asset AG, a digital asset management firm based in Switzerland, last week became the latest issuer to submit an application to the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tied to spot bitcoin prices. Pando becomes the 13th company vying for a share of what the cryptocurrency world believes could become a multi-billion dollar product, SEC filings showed. Others range from asset management giants like BlackRock and Fidelity to more specialized ETF providers like ARK Investments. Pando could not immediately be reached for further comment on its application. Optimism that the SEC may soon approve a spot bitcoin ETF is helping fuel a rally in the cryptocurrency that briefly propelled it above $42,000 Monday for the first time in more than 18 months. Pando is a latecomer to the U.S. spot bitcoin race, but already has three other spot crypto exchange-traded products (ETPs) on the SIX Swiss Exchange. Its ETF proposal included Bank of New York Mellon as the administrator of the Pando Asset Spot Bitcoin Trust. Pando isn’t registered with the SEC as an investment company. Would-be issuers and cryptocurrency analysts believe regulators may opt to give the go-ahead to a number of providers by January 10, 2024 – the date the SEC must make a final decision on whether to approve or reject a proposal from Cathie Wood’s ARK Investment Management and its partner, digital asset firm 21Shares, to launch a spot bitcoin ETF. Reporting by Suzanne McGee; Editing by Ira Iosebashvili Our Standards: The Thomson Reuters Trust Principles. Acquire Licensing Rights, opens new tab

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