Swiss asset manager Pando Asset is the 13th entrant into the fiercely contested spot Bitcoin exchange-traded fund race in the United States. Wishing to track the price of Bitcoin, Pando submitted an application to the Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust, which would utilizes the custodial services of the crypto exchange Coinbase. Other major contenders include BlackRock, ARK Invest, and Grayscale—all of whom are seeking to own a spot Bitcoin ETF in the US. In particular, BlackRock has continued negotiations with the SEC to revamp the proposed ETF model according to feedback from the Commission.
