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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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.

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

17 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

5 hours ago

This website uses cookies.