# Swiss Firm Pando Asset Joins the Race for Bitcoin Spot ETF
## Pando Asset Submits Application for Bitcoin Spot ETF
The race for a spot Bitcoin exchange-traded fund (ETF) in the U.S. gained another contender this week, as Swiss asset management firm Pando Asset AG submitted an application to the Securities and Exchange Commission (SEC). This move makes Pando the 13th firm to enter the competition, joining major players like BlackRock and ARK Invest. The company filed the requisite S-1 form, outlining plans for the Pando Asset Spot Bitcoin Trust, which would trade on the Cboe BZX Exchange under the ticker “PBC” if approved.
## Coinbase Global Inc. and Bank of New York Mellon to Play Key Roles
If the ETF is approved, Coinbase Global Inc. has been designated to serve as custodian and the Bank of New York Mellon will take on administrative duties. The trust intends to use CME Group’s CF Bitcoin Reference Rate for pricing data. The application comes at a critical juncture, as a key decision deadline is looming.
## Pando’s First Bitcoin Product for U.S. Investors
Pando currently offers several cryptocurrency exchange-traded products (ETPs) in Europe, but this would be its first Bitcoin product targeted at U.S. investors. In a post announcing the filing, questions were raised about why Pando is entering the race so late and what it might mean if its product is among those approved. Analysts had previously estimated the odds of SEC approval at 90%.
## SEC Engages with BlackRock and Invesco for Bitcoin Spot ETF
The regulator also continues to engage with other hopefuls, as documents show the SEC met with both BlackRock and Invesco on Monday to discuss their filings. During the meeting, BlackRock presented a revised redemption model to address concerns around balance sheet impacts and overseas crypto entities interfacing with U.S. broker-dealers. The new approach would have offshore entities transact in Bitcoin and provide cash to the broker-dealers.
The competition for the first Bitcoin spot ETF in the U.S. is heating up, with Pando Asset AG throwing its hat in the ring. As the SEC continues to review applications, the industry eagerly awaits a decision that could have a significant impact on the cryptocurrency market.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
