Bitwise has also updated its S-1 form submitted by the Dec. 29 deadline set by the SEC and revealed a planned $200 million seed investment for its spot Bitcoin (BTC) exchange-traded fund (ETF).
The amount is 20x larger than the $10 million seed investment recently announced by BlackRock for its spot Bitcoin ETF.
The SEC is expected to announce the first wave of approvals or rejections in early January 2024.
AP unnamed
Bitwise has not yet named its authorized participant (AP) for the ETF, unlike BlackRock, which has named Jane Street and JP Morgan for the role. Details regarding Bitwise’s authorized participants are expected to be released soon.
Eric Balchunas, a Senior ETF Analyst at Bloomberg, believes the disparity in seed funding between Bitwise and BlackRock could affect the early stages of competition among ETF issuers and provide an edge to the former.
The upcoming decision by the SEC on Bitcoin Spot ETFs is an important factor for the cryptocurrency market, particularly ahead
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