As the deadline for potential approval of Spot Bitcoin ETFs looms closer, Bitwise is making waves as it looks set to surpass even the world’s largest asset manager, BlackRock, in terms of seed funds for their respective ETFs.
According to Bitwise’s latest amendment to its S-1 filing with the U.S. Securities and Exchange Commission (SEC), the Schaumburg, Illinois-based company has attracted the interest of an investor prepared to seed its ETF with a substantial $200 million upon launch.
This figure far overshadows BlackRock’s initial seed fund of $10 million and, as Bloomberg analyst Eric Balchunas points out, could be a significant boost in the early race days.
The SEC is expected to approve the pending ETF applications simultaneously, meaning Bitwise could gain an edge in meeting client demands by being able to create $200 million of shares.
The asset manager has not yet named its authorized participant (AP), the intermediary between the ETF investor and issuer, who is responsible for creating and redeeming the ETF shares. Other issuers, including BlackRock, Invesco Galaxy and Wisdom Tree have already named their APs in their latest S-1 filings with the SEC.
Bitwise predicts Bitcoin price to reach $80k
Notably, Bitwise’s updated app
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Author: Julius Mutunkei
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