Swiss Asset Manager Pando Files For Bitcoin ETF With SEC

Key Points:

• Pando Asset AG has filed for a spot Bitcoin ETF with the SEC, aiming to list it on the Cboe BZX Exchange with Coinbase as the custodian.
• Pando Asset offers exchange-traded products for leading cryptocurrencies on the SIX Swiss Exchange.

Swiss ETP provider Pando files for Bitcoin ETF with the SEC, partnering with Coinbase as custodian. Despite excitement, some pioneers express caution about market entry. Potential investments of up to $3 billion.

Pando Asset AG, a Swiss asset manager, has filed for a spot Bitcoin ETF with the Securities and Exchange Commission (SEC). If approved, the Pando Asset Spot Bitcoin Trust would be listed on the Cboe BZX Exchange, with Coinbase serving as the custodian.
The filing mentions the use of CME’s CF Bitcoin Reference Rate for bitcoin pricing. Pando Asset already offers exchange-traded products for leading cryptocurrencies on the SIX Swiss Exchange.

Pando Files For Bitcoin ETF

Pando Asset, headquartered in Switzerland, was founded by a team of industry experts in finance, blockchain technology, and the crypto asset space. Notable partners of Pando Asset include Huobi Group, 21 Shares AG, and Deutsche Boerse AG. The company has formed a partnership with Coinbase, the largest crypto asset custodian, and operates with full collateralization.

Despite the growing excitement around spot bitcoin ETFs, some cryptocurrency ETF pioneers are hesitant to enter the market, citing concerns about competition, high regulatory and marketing costs, and potential lack of demand.
According to Reuters, while demand for a bitcoin ETF is expected to be high, with potential investments of up to $3 billion in the first few days of trading, some established names in the blockchain and cryptocurrency space are cautious about rushing into the market.
Their skepticism suggests that the hype over a spot bitcoin ETF may be misplaced and that the profitability of such products could be uncertain for some issuers.

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