Pando Asset AG enters the race for Bitcoin Spot ETF
The Swiss Pando Asset AG is entering the race for the first Bitcoin Spot ETF in the USA. Although the company does not have a licensed branch in the jurisdiction, the asset manager wants to establish itself in the North American country.
Swiss Pando Asset AG enters the race for Bitcoin Spot ETF
With Pando Asset AG, a Swiss company is entering the race for the first Bitcoin Spot ETF in the USA, as documents from the US Securities and Exchange Commission (SEC) show.
The growing commitment to the US’s first Bitcoin Spot ETF gained momentum in June with an application from BlackRock. Since then, many large asset managers have joined this trend.
Pando Asset is headquartered in the canton of Zug, also known as Crypto Valley due to its cryptocurrency-friendly legislation.
The ETF was filed with the SEC under the name PANDO ASSET SPOT BITCOIN TRUST . If the application is confirmed, the ETF would be available for trading on NASDAQ under the symbol PBC.
The Bank of New York Mellon would act as administrator of the fund, as Pando Asset AG itself does not have a branch in the USA and therefore is not regulated by the US Securities and Exchange Commission.
As with most Bitcoin Spot ETFs that are currently in limbo, the US crypto exchange Coinbase will also take on the role of trustee for Pando. The Bitcoin purchased through the ETF would be held by Coinbase.
With Pando, 13 of 20 registered Bitcoin funds now propose the largest US crypto exchange as custodian. Coinbase is considered to be very well networked with authorities in the industry compared to competing companies.
How promising is Pandos Bitcoin ETF?
Pando’s Bitcoin ETF could well receive approval in the USA, as ETF expert James Seyffart estimates. However, Seyffart does not expect that approval will take place in parallel with most of the other applications that have already been in process for months.
It is also questionable how likely the economic success of Pando’s Bitcoin ETF would be. Experts believe that the asset manager will charge higher fees compared to the competition and therefore collect less capital.
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Enthusiasts on Twitter, meanwhile, agree with Pando’s move. The registration is necessary in order to keep up with current developments and underlines the modernity of the investment company.
“Ultimately, any financial institution capable of doing so will do so,” estimates one widely read commentary.
Pando already offers crypto ETPs in Switzerland.
