Swiss Asset Manager Pando Joins Spot Bitcoin ETF Race

• Pando submitted a 19b-4 to the Chicago Board Options Exchange (CBOE).
• The proposed ETF would be administered in large part by the Bank of New York Mellon.

Swiss asset manager Pando takes a giant leap forward in its expansion plans in the U.S. In an official move to enter the competition for the highly anticipated U.S. spot Bitcoin ETF, the business submitted a 19b-4 to the Chicago Board Options Exchange (CBOE) on December 5. As a result of this change, Pando is now one of 13 possible issuers competing for a slot for a spot Bitcoin ETF.

Pando has experience with crypto ETPs, but this is their first foray into the U.S. Bitcoin ETF market. The company has established a presence in the European market with three spot crypto ETPs listed on the SIX Swiss Exchange. The decision to take this step reflects Pando’s determination to become a major player in the crypto industry on an international level and its ambitious growth plans.

Investors Optimistic

This most recent file is in continuation of Pando’s previous form S-1 submission, which registered securities for the Pando Asset Spot Bitcoin Trust with the United States SEC.

Moreover, the proposed exchange-traded fund (ETF) would be administered in large part by the Bank of New York Mellon. It becomes more complicated for Pando since they aren’t an investment business registered with the SEC.

In a promising sign for the cryptocurrency industry, Bitcoin’s price has soared beyond $44,000 as per data from CoinMarketCap, a level not seen since early 2022.

Furthermore, the market’s increasing confidence in the possibility of a spot Bitcoin ETF being approved in the US is reflected in this spike. Bloomberg Analyst Eric Balchunas is among the many analysts who are quite optimistic about the chances of an ETF clearance, putting the probability at 90% by January 10.

Highlighted Crypto News Today:

Ripple’s Collaboration with Onafriq Targets Africa’s Fintech Realm