Spot bitcoin ETF market sees new applicant ahead of SEC ruling
Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US

Artwork by Crystal Le
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.
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.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
- Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.