Swiss firm Pando Asset enters the competition for the Pando spot Bitcoin ETF, filing a 19b-4 submission with the SEC.
Pando Spot Bitcoin Trust awaits regulatory approval to trade on the Cboe BZX Exchange, with Coinbase serving as custodian.
The Bank of New York Mellon will serve the ETF as the proposed administrator.
Swiss asset manager Pando Asset has joined the race to launch the Pando spot Bitcoin ETF by filing a 19b-4 submission with the Securities and Exchange Commission (SEC).
Pando Asset Joins Race for Pando Spot Bitcoin ETF, Files SEC Submission
The Pando Asset Spot Bitcoin Trust, pending regulatory approval, is poised to trade on the Cboe BZX Exchange with Coinbase acting as its custodian. The filing outlines the use of the CF Bitcoin Reference Rate by CME to determine the ETF’s bitcoin price.
Pando Asset, already offering exchange-traded products on the SIX Swiss Exchange for European traders, is a newcomer to the U.S. spot Bitcoin race, competing with established names like BlackRock and Fidelity. The company aims to introduce an ETF tied to spot Bitcoin prices, becoming the 13th contender for a share in what could be a multi-billion dollar product.
Bank of New York Mellon is proposed as the administrator for the Pando spot Bitcoin ETF. The move comes amid positive market sentiment, driven by SEC officials’ meetings with industry leaders like Grayscale, BlackRock, and Nasdaq.
Pando’s late entry aligns with Bitcoin’s recent rally, surpassing $42,000 for the first time in over 18 months, fueled by speculation around ETF approval and anticipation of U.S. interest rate cuts. This development adds to the growing anticipation within the cryptocurrency world regarding the SEC’s decision on spot Bitcoin ETFs, with market players closely watching the unfolding competition among contenders.
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