- Bitwise filed SEC S-1 form, indicating that an entity is going to seed BITB with $200 million.
- BlackRock earlier indicated that the firm would seed its Bitcoin Spot ETF with $10 million.
- Bitwise is yet to name its authorized participant, BlackRock named Jane Street and JP Morgan.
Bitwise, one of the world’s largest crypto index fund managers, filed S-1 Form, required by the US Securities and Exchange Commission from securities issuers. The filing revealed that an entity plans to seed Bitwise’s Spot Bitcoin ETF with $200 million. This is relatively larger than BlackRock’s $10 million seed for its Spot BTC ETF.
As the deadline for approval or rejection of Bitcoin Spot ETFs draws close, the war among issuers has intensified.
Bitwise Bitcoin Spot ETF to receive $200 million seed
One of the world’s largest crypto index fund managers, Bitwise has dropped details of a $200 million seed for its Bitcoin Spot ETF. Market participants are observing a race among issuers of the securities product, following the recent round of S-1 form filings from entities like BlackRock, Fidelity and Hashdex.
Bloomberg’s Senior ETF analyst, Eric Balchunas shared the S-1 filing in a recent tweet and noted that Bitwise’s $200 million seed blows away BlackRock’s $10 million and is likely to be useful to the firm in early days of the race. The firm is yet to name an AP and Authorized Participant (AP), the information is likely forthcoming.
Bitwise S-1 has been filed and it looks like someone (I wonder who) is going to seed $BITB with $200m, which blows away BlackRock's $10m (that we know of). That's gonna be huge help in early days of race. No AP named but prob forthcoming. pic.twitter.com/hQ7uW9Occo
— Eric Balchunas (@EricBalchunas) December 29, 2023
The looming deadline for Bitcoin Spot ETF is fast approaching and the US SEC is expected to approve/ disapprove the filings. This is likely to set the tone for Bitcoin and cryptocurrency prices in 2024, ahead of the upcoming BTC halving event, scheduled for April 2024.
At the time of writing, Bitcoin price is $41,766. BTC price sustained above $41,500, early on Saturday.