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Pando Asset Joins the Race for Bitcoin ETF Approval in the US

The company filed an application with the Securities and Exchange Commission (SEC) for its Pando Asset Spot Bitcoin Trust, aiming to provide U.S. investors with an opportunity to invest in Bitcoin without direct coin ownership.

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Swiss digital asset manager Pando Asset AG is the latest to join the race for a spot Bitcoin exchange-traded fund (ETF) in the United States.

Pando Asset's move to file a Form S-1 with the SEC on November 29 places them in the competitive arena of cryptocurrency ETFs in the United States. This marks a bold entry for the Swiss asset manager, which is already managing three exchange-traded products (ETPs) focused on cryptocurrencies, listed on the SIX Swiss Exchange with a collective management of $29 million in assets.

The proposed Pando Asset Spot Bitcoin Trust, if approved, would offer shares backed by Bitcoin, allowing investors to gain exposure to BTC without the need to buy or hold the digital coins directly. The Bank of New York Mellon has been designated as the fund’s administrator, while Coinbase Custody will serve as its custodian. Shares in the Trust would be listed and traded on the Cboe BZX Exchange.

This strategic move aims to capitalize on the growing interest in Bitcoin investments, as evidenced by a recent report from CoinShares showing that $1.5 billion flowed into crypto funds in 2023, with 90% directed towards funds that track Bitcoin.

Pando Asset's application comes at a time of increased anticipation within the cryptocurrency community, as the SEC recently moved applications from Franklin Templeton and Hashdex into a public comment period.

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There are now 13 firms, including giants like VanEck, Valkyrie, Blackrock and ARK Invest, awaiting the SEC's approval for such a fund, which is expected on January 10. With the SEC's history of rejections and the evolving regulatory environment, the industry is keenly watching this latest entrant in the race to bring a Bitcoin ETF to market.


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