Spot bitcoin ETF market sees new applicant ahead of SEC ruling

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 —…

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