Swiss Firm Pando Asset AG Joins Bitcoin ETF Race, Seeks Nasdaq Listing For Crypto Security
Portfolio Pulse from Murtuza Merchant
Swiss asset management firm Pando Asset AG has filed an S-1 registration statement for a spot Bitcoin ETF, aiming to list it on Nasdaq under the symbol PBC. The Bank of New York Mellon (BK) is to be the administrator, while Coinbase (COIN) is the custodian. Pando acknowledges competitive risks, including the potential for inadequate liquidity and the challenge of accumulating significant assets. The SEC has over 10 pending Bitcoin ETF applications from companies like BlackRock (BLK), Fidelity, and Ark Invest.
November 30, 2023 | 12:49 am
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POSITIVE IMPACT
The Bank of New York Mellon is set to serve as the administrator for Pando Asset AG's proposed Bitcoin ETF. This role could enhance BK's visibility in the crypto ETF space.
Being the administrator of a new Bitcoin ETF could lead to increased business for BK and enhance its reputation in the crypto space. However, the impact is moderate as the ETF's approval and success are not guaranteed.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Coinbase is named as the custodian for Pando Asset AG's proposed Bitcoin ETF, which could increase its custodial assets and reinforce its position in the market.
Coinbase's role as custodian for the ETF could attract more business and solidify its standing as a trusted custodian in the crypto industry. The impact is positive but contingent on the ETF's approval and market uptake.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 80