Switzerland-based Pando Asset has emerged as the latest contender in the race to launch a spot Bitcoin ETF in the United States.
Joining dozens of other applicants, Pando Asset is seeking to introduce a fund type that has yet to receive approval from the US Securities and Exchange Commission (SEC).
Swiss Firm Proposes Pando Asset Spot Bitcoin Trust
Pando Asset revealed its intentions through a Wednesday filing, proposing the creation of the Pando Asset Spot Bitcoin Trust.
The trust’s assets would predominantly comprise bitcoin, held under the custody of Coinbase Custody Trust company, with the trust administration duties entrusted to BNY Mellon.
Despite numerous inquiries, a spokesperson for Pando Asset remained silent, offering no immediate comments on the matter.
The SEC finds itself at the epicenter of a substantial influx of filings, with approximately a dozen issuers, including financial heavyweights BlackRock, Fidelity, and Invesco, presenting live spot Bitcoin ETF applications.
This surge in interest marks a pivotal moment for the SEC, as it navigates uncharted territory in considering approvals for such investment vehicles.
Spto Crypto ETFs Internationally
Internationally, regulators in Canada, Brazil, and the Netherlands have already given their nod to spot crypto ETFs in recent years. Meanwhile, crypto exchange-traded notes (ETNs), financial instruments collateralized by underlying exposures like bitcoin, have enjoyed a longer history in the market.
Pando Asset, with a suite of three exchange-traded products (ETPs) on the SIX Swiss Exchange, aims to leverage its European crypto product expertise in the US. Notably, one of its ETPs allocates to six diverse crypto assets, including bitcoin, ether, binance coin, cardano, solana, and polkadot.
The SEC is anticipated to deliver its ruling on the proposed Ark 21Shares Bitcoin ETF by January 10. Industry pundits speculate that this could open the floodgates, with a potential green light for multiple such products.
Bloomberg Intelligence analysts have even given a compelling 90% likelihood of such approval, marking a pivotal moment in the evolution of cryptocurrency investment opportunities in the US.
The post US Spot Bitcoin ETF Market Sees New Entrant as SEC Decision Looms appeared first on Cryptonews.
#BitcoinNews #BitcoinETF #USSEC [Source: CryptoNews]