Pando, Hong Kong Virtual Asset License No. 9 Holder, Enters U.S. Market by Applying for Bitcoin Spot ETF
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Pando, Hong Kong Virtual Asset License No. 9 Holder, Enters U.S. Market by Applying for Bitcoin Spot ETF
Pando Finance has obtained Hong Kong licenses No. 1, 4, and 9; Pando Trust has obtained the Hong Kong TCSP (Trust or Company Service Provider) license.
Navigating Web3 tides with focused insightsAuthor: Bowen, White Dew Salon
On December 13, according to Coinspeaker, Pando Asset AG, a Switzerland-based firm, announced it has filed an application with the SEC for a spot Bitcoin ETF named the Pando Asset Spot Bitcoin Trust, becoming the 13th applicant for a spot Bitcoin ETF on the Chicago Board Options Exchange (Cboe).
Pando Asset AG is part of the Pando Group, which also includes Pando Finance—a Hong Kong-licensed brokerage and public fund asset management company—and Pando Trust, which provides custody and separately managed account services.
To date, Pando Finance has obtained SFC licenses in Hong Kong for Type 1 (Securities Trading), Type 4 (Advising on Securities), and Type 9 (Asset Management), completing its upgrade to the Type 9 license on February 14, 2023, enabling it to manage investment portfolios fully allocated (up to 100%) to virtual assets. Meanwhile, Pando Trust has also established compliance operations in Hong Kong, obtaining both the TCSP (Trust or Company Service Provider) license and trustee license.
Now, Pando Asset has officially entered the race for U.S. spot Bitcoin ETF approval, demonstrating Pando’s clear commitment to regulatory compliance and deepening its global presence in the virtual asset market.
Who comprises the Pando team, and what progress have they made in the virtual asset space? In this article, White Dew Salon takes readers closer to Pando.
Janet Ren Leads the Founding of Pando
Pando Asset is registered in Switzerland, with team members from renowned institutions such as Huobi Group, 21 Shares AG, and Deutsche Börse AG.
Partner Janet Ren serves not only at Pando Asset AG but also as CEO of Pando Finance in Hong Kong, overseeing operations.
Janet Ren previously held executive roles at Deutsche Börse, ZhenFund, and Huobi Group. In 2018, she founded Hong’an Fund, focusing on alternative asset investments and blockchain-related research. She brings over 10 years of experience in financial services and asset management. She holds a bachelor's degree from Purdue University, a master's degree from the University of Southern California, and an EMBA from Cheung Kong Graduate School of Business.
Since the establishment of Pando Finance in Hong Kong, Ren has been actively involved in the local market, frequently participating in events hosted by organizations such as Modular 3, Baker McKenzie, and RTHK Radio, advocating for the compliant development of Hong Kong’s virtual asset industry.
In addition to Ren, several other professionals have joined Pando Finance:
Gong Weiting serves as Chief Investment Officer (CIO), bringing 17 years of experience in asset management and joining Pando in 2023. He previously served as Portfolio Manager at China Merchants Securities Asset Management (Hong Kong) Limited, Head of Securities Investment at West Securities International Securities Limited, and Senior Emerging Markets Analyst at Principal Global Investors (Hong Kong) Limited, managing over $9 billion in assets. He holds a master’s degree in economics from York University.
Zheng Junqing serves as Investment Director, with over 15 years of experience in investment, risk management, and client distribution. His career spans leading firms including Bank of America Merrill Lynch, ICBC (Asia) Investment Management, Lekki Asset Management, Lexin Fintech, and Orange Wealth Asset Management. He holds a bachelor’s degree from The Chinese University of Hong Kong and is a CFA charterholder.
Pando Asset Launches First Crypto ETP on Swiss Exchange
In July 2022, Pando Asset partnered with Coinbase, one of the largest crypto custodians, to launch its first cryptocurrency ETP—Pando Asset Crypto 6 ETP—on the Swiss Stock Exchange, fully collateralized 100%.
The Pando Asset Crypto 6 ETP tracks the Vinter Pando Crypto Basket 6 Index, offering investors exposure to the performance of a basket of digital assets composed of the largest smart contract platforms by market capitalization. Investors can buy or redeem the ETP during normal trading hours on the Swiss Stock Exchange through their brokerage accounts at real-time prices consistent with CoinMarketCap.
The index includes the top six cryptocurrencies by market cap and undergoes quarterly rebalancing and weighting adjustments to ensure diversification and relevance. Digital assets are stored offline via institutionally rated and regulated custodians, complemented by additional security measures such as multi-signature authorization, whitelisted addresses, and audit trails.
On this, Partner Janet Ren emphasized: "Our mission is to enable investors to participate in cryptocurrency assets safely, easily, and efficiently—without worrying about private key storage risks or system security issues. This builds trust and offers a perfect pathway for new and traditional institutional investors to become major participants in the new era of cryptocurrency."
Pando Finance in Hong Kong Expands into Virtual Asset Market
On May 10, 2022, Pando Finance received licenses from the Hong Kong SFC for Type 1 (Securities Trading), Type 4 (Advising on Securities), and Type 9 (Asset Management).
Later that year, in December, Pando Finance launched two landmark actively managed ETFs: a Blockchain-themed ETF and an Innovation-themed ETF.
The investment objective of the Blockchain-themed ETF is to achieve long-term capital growth by investing primarily in companies engaged in activities related to the development and operation of blockchain technology, or those providing products, services, or technologies that benefit from blockchain advancements ("blockchain business"). The fund manager employs a bottom-up research approach, selecting stocks based on individual merits. The ETF focuses on blockchain-related themes, allocating at least 70% of net assets to equities of blockchain-related companies, such as ledger systems, decentralized databases, payments, crypto mining, and firms benefiting from blockchain usage or development.
▲ Performance of Blockchain-Themed ETF
The Innovation-themed ETF aims for long-term capital growth by investing primarily in companies directly or indirectly involved in delivering innovative products and/or services ("innovation business").
To achieve the sub-fund’s investment objective, the Pandu Innovation-Themed ETF will invest primarily (i.e., at least 70% of its net assets) in equities of companies engaged in innovation businesses.
▲ Performance of Innovation-Themed ETF
In addition, Pando Finance’s core offerings include discretionary account management, providing clients with full authority to manage investment accounts and conduct stock or futures trading. Once delegated, the account manager may execute trades on behalf of the client without prior notice.
Approved by Hong Kong SFC to Manage 100% Virtual Asset Funds
On February 14, 2023, Pando Finance received approval from the Hong Kong SFC to manage investment funds containing up to 100% virtual assets, subject to the SFC’s “Standard Terms and Conditions for Licensed Corporations Managing Portfolios Investing in Virtual Assets.”
Commenting on the milestone, Pando founder Janet Ren said: "As a financial institution with expertise in virtual asset investments, Pando is committed to providing investors opportunities to engage with this exciting new asset class. We firmly believe in the growing potential of blockchain and innovative technologies. With SFC approval, we aim to expand our existing suite of blockchain-themed and innovation-themed ETFs and introduce more investment products, including additional virtual asset offerings, to meet client demand."
Joy Lam, Baker McKenzie’s virtual asset expert and lead legal counsel for Pando’s virtual asset licensing and 100% virtual asset fund formation, stated: "This license enables Pando to broaden its rapidly growing range of virtual asset-related investment products, offering professional investors more institutional-grade options to access both passively and actively managed fund products with direct exposure to virtual assets. We are pleased to support Pando in becoming Hong Kong’s first regulated asset management firm to offer comprehensive fund products focused entirely on virtual assets, serving both retail and professional investors."
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