Pando Asset is the latest fund group looking to launch a spot bitcoin ETF in the US. 



The Switzerland-based asset manager joins a crowded field of issuers looking to bring to market a type of fund the US Securities and Exchange Commission has never approved. 



The company proposed its Pando Asset Spot Bitcoin Trust in a Wednesday filing. The trust’s  assets would consist primarily of bitcoin held by its custodian — Coinbase Custody Trust company. The disclosure names BNY Mellon as the trust administrator.



A Pando Asset spokesperson did not immediately return a request for comment. 



About a dozen issuers — including traditional finance giants BlackRock, Fidelity and Invesco — have live spot bitcoin ETF filings in front of the SEC.




13 potential #bitcoin ETF Issuers now. Doubt this is ready to go on first day with the others but crazier things have happened I guess https://t.co/W8kfemI6Uc — James Seyffart (@JSeyff) November 29, 2023




Regulators in Canada, Brazil and the Netherlands have approved spot crypto ETFs in recent years. Crypto exchange-traded notes (ETNs) — debt instruments typically collateralized by the underlying exposure, such as bitcoin — have been around even longer.



Read more: US spot bitcoin ETF not impossible — just ask the rest of the world



Pando Asset currently offers three exchange-traded products (ETPs) that trade on the SIX Swiss Exchange, including ones focused on bitcoin and ether. The third allocates to six crypto assets: bitcoin ( BTC ), ether ( ETH ), binance coin ( BNB ), cardano ( ADA ), solana ( SOL ) and polkadot ( DOT ).    



The company is not the first looking to bring its European crypto product expertise to the US. 



21Shares, which also offers a range of ETPs in Europe, has filed for spot bitcoin and ether products with US-based partner Ark Invest. 



The SEC is expected to rule on the proposed Ark 21Shares Bitcoin ETF by Jan. 10. Industry watchers have said the regulator could choose to greenlight a bunch of such products at that time, with Bloomberg Intelligence analysts giving 90% odds of such approval. 



A spokesperson for the regulator has declined to comment on this matter.







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