Swiss asset management Pando was revealed as an official contender for a US spot Bitcoin ETF in a piece published by Bloomberg Intelligence analyst James Seyffart on December 5.
Pando filed a 19b-4 with the Chicago Board Options Exchange (CBOE). Seyffart claims that there are now 13 possible issuers with the new filling.
The announcement, made through X, emphasizes that Pando, despite having established a footprint with three other spot crypto exchange-traded products (ETPs) on the SIX Swiss Exchange, has only recently entered the U.S. spot Bitcoin competition.
A week has passed since Pando first announced that it had submitted Form S-1, registering securities with the agency for the Pando Asset Spot Bitcoin Trust.
This is when Pando filed its 19b-4. The Bank of New York Mellon will act as the Pando Asset Spot Bitcoin Trust administrator for the proposed ETF. Meanwhile, it is significant that Pando is not listed as an investment business with the SEC.
Boosting Cryptocurrency Rise
Despite the fact that no spot Bitcoin ETFs have received approval, encouraging news about their possible approval has thrilled investors. What a spot bitcoin ETF could mean for the cryptocurrency market’s future: Ahead of the SEC’s impending decision on the approval of spot ETFs, Bitcoin (BTC) could rise above $40,000.
The data indicates a shift in the market sentiment because the world’s largest cryptocurrency by market capitalization hasn’t been at this level since April 2022—before Terra and other well-known crypto projects went bankrupt.
