Swiss digital asset manager Pando Asset AG today filed an application with the SEC to offer a spot Bitcoin ETF in the U.S.

The Pando Asset Spot Bitcoin Trust would offer investors shares backed by Bitcoin with Bank of New York Mellon as the administrator and Coinbase Custody as the fund’s custodian.

A genuine Bitcoin ETF, one that directly tracks BTC and not just derivatives, has so far eluded U.S. investors. But the idea is this: shares in a Bitcoin ETF would gain and lose value as Bitcoin’s price fluctuates, and investments in those shares would allow buyers to gain exposure to BTC without actually buying or holding digital coins.

Pando currently has $29 million worth of assets under management across its three exchange-traded products (ETPs): Pando Asset Crypto 6 ETP, Pando Asset Crypto Bitcoin ETP, and the Pando Asset Crypto Ethereum ETP. All of the funds currently trade on the SIX Swiss Exchange.

The first fund tracks the performance of the top six crypto assets, which currently includes coins like Bitcoin, Ethereum, Solana, and Cardano.

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Author: Stacy Elliott

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