Bitwise Plans to Seed Spot Bitcoin ETF With $200 Million, SEC Filing Shows

Bitwise has revealed successful an amended filing with the U.S. Securities and Exchange Commission (SEC) a program to effect its spot bitcoin exchange-traded money (ETF) with $200 million. This importantly exceeds Blackrock’s $10 cardinal effect committedness for its spot Bitcoin ETF that’s planned for Jan. 3.

Bitwise’s $200 Million Plan to Seed Spot Bitcoin ETF

Bitwise is 1 of the spot bitcoin exchange-traded money (ETF) applicants that submitted an amended filing (S-1) to the U.S. Securities and Exchange Commission (SEC) connected Friday. Once launched, Bitwise’s spot bitcoin ETF volition commercialized nether the ticker awesome BITB.

According to the firm’s filing with the SEC, an unnamed entity “has indicated an involvement successful purchasing an aggregate of up to $200 cardinal of shares successful this offering from authorized participants oregon successful the marketplace done broker-dealers.” Commenting connected the plus manager’s filing, Bloomberg ETF expert Eric Balchunas pointed out connected societal media level X:

Bitwise S-1 has been filed and it looks similar idiosyncratic (I wonderment who) is going to effect BITB with $200m, which blows distant Blackrock’s $10m (that we cognize of). That’s gonna beryllium immense assistance successful aboriginal days of race.

However, Bitwise cautioned: “Because indications of involvement are not binding agreements oregon commitments to purchase, this imaginable purchaser could find to acquisition more, less oregon nary shares.”

Last week, Blackrock revealed successful an amended filing with the SEC a program to effect its spot bitcoin ETF with $10 cardinal connected Jan. 3.

Earlier this month, Bitwise unveiled 10 crypto predictions for 2024, including its anticipation for bitcoin to commercialized supra $80,000. The plus manager besides believes that “spot bitcoin ETFs volition beryllium approved, and collectively they volition beryllium the astir palmy ETF motorboat of each time.” Moreover, Bitwise expects spot bitcoin ETFs to “capture 1% of the $7.2 trillion U.S. ETF market, oregon $72 cardinal successful AUM.”

What bash you deliberation astir Bitwise readying to effect its spot bitcoin ETF with $200 million? Let america cognize successful the comments conception below.