Swiss company Pando Asset, managing assets worth $29 million, aims to launch a spot Bitcoin ETF in the United States.
The firm has filed an application with the Securities and Exchange Commission to introduce the Pando Asset Spot Bitcoin Trust, a derivative whose shares will be backed by bitcoins stored in the Coinbase Custody wallet, developed by the cryptocurrency exchange Coinbase. The fund will be administered by the Bank of New York Mellon.
If the regulator approves Pando Asset’s request, the organization will list the cryptocurrency ETF under the ticker symbol PBC on the Nasdaq stock exchange. In this scenario, traders will have the opportunity to invest in derivative shares and profit from the potential increase in the Bitcoin price.
Pando Asset has already created three cryptocurrency exchange-traded products: Pando Asset Crypto 6 ETP (including six leading cryptocurrencies by market capitalization, excluding stablecoins), Pando Asset Crypto Bitcoin ETP (based on Bitcoin), and Pando Asset Crypto Ethereum ETP (based on Ethereum (ETH)).
These derivatives are listed on the Swiss SIX Swiss Exchange, with a combined market capitalization estimated at $29 million.
