Swiss asset manager Pando Asset has joined the race to launch the Pando spot Bitcoin ETF by filing a 19b-4 submission with the Securities and Exchange Commission (SEC). The Pando Asset Spot Bitcoin Trust, pending regulatory approval, is poised to trade on the Cboe BZX Exchange with Coinbase acting as its custodian.
The filing outlines the use of the CF Bitcoin Reference Rate by CME to determine the ETF’s bitcoin price. Pando Asset, already offering exchange-traded products on the SIX Swiss Exchange for European traders, is a newcomer to the U.S. spot Bitcoin race, competing with established names like BlackRock and Fidelity.
The company aims to introduce an ETF tied to spot Bitcoin prices, becoming the 13th contender for a share in what could be a multi-billion dollar product. Bank of New York Mellon is proposed as the administrator for the Pando spot Bitcoin ETF.
The move comes amid positive market sentiment, driven by SEC officials’ meetings with industry leaders like Grayscale, BlackRock, and Nasdaq.