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Pando Asset Joins the Bitcoin Spot ETF Race

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). Pando is the 13th firm to throw its hat in the ring, joining heavyweight competitors such as BlackRock and ARK Invest. The company filed the requisite S-1 form on Tuesday 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. has been designated to serve as custodian, while the Bank of New York Mellon will take on administrative duties.

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