By Suzanne McGee
(Reuters) - Pando Asset AG, a digital asset management firm based in Switzerland, last week became the latest issuer to submit an application to the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tied to spot bitcoin prices.
Pando becomes the 13th company vying for a share of what the cryptocurrency world believes could become a multi-billion dollar product, SEC filings showed. Others range from asset management giants like BlackRock (NYSE:BLK) and Fidelity to more specialized ETF providers like ARK Investments. Pando could not immediately be reached for further comment on its application.
Optimism that the SEC may soon approve a spot bitcoin ETF is helping fuel a rally in the cryptocurrency that briefly propelled it above $42,000 Monday for the first time in more than 18 months.
Pando is a latecomer to the U.S. spot bitcoin race, but already has three other spot crypto exchange-traded products (ETPs) on the SIX Swiss Exchange.
Its ETF proposal included Bank of New York Mellon (NYSE:BK) as the administrator of the Pando Asset Spot Bitcoin Trust. Pando isn't registered with the SEC as an investment company.
Would-be issuers and cryptocurrency analysts believe regulators may opt to give the go-ahead to a number of providers by January 10, 2024 - the date the SEC must make a final decision on whether to approve or reject a proposal from Cathie Wood's ARK Investment Management and its partner, digital asset firm 21Shares, to launch a spot bitcoin ETF.