Pando Asset, a Swiss asset management company, has filed an application with the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF). The proposed trust, called the Pando Asset Spot Bitcoin Trust, aims to track the price performance of BTC and bring virtual assets into the traditional financial ecosystem. If approved, the trust will primarily consist of BTC held by Coinbase, which has been chosen as the custodian. The Bank of New York Mellon has been named as the official administrator of the ETF. Pando already offers crypto-related exchange-traded products in Europe and is awaiting the SEC’s decision on its application. The SEC has yet to approve any spot BTC ETFs, despite previously approving futures BTC trusts. The regulator recently deferred decisions on applications from industry giants such as BlackRock, Fidelity, and VanEck. The SEC has raised concerns about the balance sheet impacts and risks to market makers, but BlackRock has proposed a solution to address these concerns.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇸 🇨🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Coinbase, SEC, SIX Swiss Exchange, Bank of New York Mellon, Cboe BZX Exchange |
| Currencies | Bitcoin, US Dollar |
| Securities | None |
