Pando Asset AG, an asset management company based in Switzerland, has submitted an application for a spot Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF), as indicated in a Wednesday filing.
This move adds to the increasing number of similar applications in the industry.
The application, an S-1 registration statement, outlines a trust that primarily consists of Bitcoin, managed by a custodian.
The aim is for the trust's value to reflect the price movements of Bitcoin, minus the trust's expenses and liabilities.
The proposed ETF by Pando, if sanctioned, would be traded on the Nasdaq stock exchange under the symbol PBC. The Bank of New York Mellon (NYSE: