Swiss asset manager Pando Asset seeks SEC approval for a spot Bitcoin ETF, a step towards integrating crypto into mainstream finance.

Swiss asset manager Pando Asset has filed for approval of a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). The proposed Pando Asset Spot Bitcoin Trust, if approved, would be listed on the Cboe BZX Exchange, leveraging Coinbase as its custodian.

The trust plans to use the CME’s CF Bitcoin Reference Rate for Bitcoin (BTC) pricing.

Pando’s move aligns with its current offerings in Europe, where it provides exchange-traded products tracking major cryptocurrencies on the SIX Swiss Exchange. This expansion suggests a strategic move to cater to a broader range of investors globally, especially in the cryptocurrency market.

However, the SEC has historically been cautious with spot crypto ETFs, having delayed or not approved similar proposals from prominent asset managers like BlackRock, Fidelity and ARK Invest, among others. The cautious stance is attributed to concerns regarding market volatility, liquidity and potential manipulation in the crypto space.

Recent developments indicate a possible shift in the SEC’s approach, as applications from Franklin Templeton and Hashdex have entered a public comment period, hinting at an expedited review process. Fu

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Author: Bralon Hill

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