Bitcoin

SEC Officially Acknowledges Pando Asset Spot Bitcoin ETF Application

Key Points:

The SEC officially acknowledged the Pando Asset spot Bitcoin ETF application.
Pando Asset AG gains SEC acknowledgment as the 13th contender in the race for a Bitcoin ETF.
Positive sentiments surrounding a potential SEC approval of spot Bitcoin ETFs by January 2024 contribute to a cryptocurrency market rally.

In a significant development, the U.S. Securities and Exchange Commission (SEC) has formally recognized the application for the Swiss-based digital asset management firm Pando Asset spot Bitcoin ETF.

SEC Acknowledges Pando Asset Spot Bitcoin ETF Application Amid Growing Competition

Pando Asset AG joins the competitive race for a spot Bitcoin ETF, marking the 13th company seeking approval from the SEC. This growing interest reflects the cryptocurrency industry’s anticipation of a potentially lucrative market, with major players like BlackRock and Fidelity among the contenders, along with specialized ETF providers like ARK Investments.

Notably, it is the latest entrant into this arena, and at the time of reporting, the company has not provided additional comments on the Pando Asset spot Bitcoin ETF application.

Optimism Swells as Investors Anticipate SEC Approval for Spot Bitcoin ETFs

The SEC’s consideration of a spot Bitcoin ETF has sparked optimism within the crypto community, contributing to a rally in cryptocurrency prices. Analysts and investors express confidence, estimating a 90% likelihood of the SEC granting approval for spot Bitcoin ETFs by January 2024.

While Pando is a newcomer to the U.S. spot Bitcoin race, it is not the first to explore the market. The SIX Swiss Exchange already hosts three spot crypto exchange-traded products (ETPs). Pando’s ETF proposal designates Bank of New York Mellon as the administrator of the Pando Asset Spot Bitcoin Trust. However, it’s noteworthy that Pando is not currently registered with the SEC as an investment company.

This move by Pando follows in the footsteps of industry giants like Fidelity and BlackRock, which have engaged with the SEC in discussions about the issuance of Bitcoin ETFs in the past.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.