As the deadline for approval of the Spot Bitcoin ETF approaches, Bitwise is expected to surpass even the world’s largest asset manager, BlackRock, in terms of seed capital for the ETF.
According to recent changes in Bitwise’s S-1 filing with the U.S. Securities and Exchange Commission (SEC), the Schaumburg, Illinois-based company plans to launch a massive $200 million ETF upon launch.
That figure is well below BlackRock’s $10 million seed fund, and as Bloomberg analyst Eric Balchunas points out, there could be a significant increase early in the race.
The SEC is expected to approve pending ETF applications simultaneously. This means Bitwise will be better positioned to meet the needs of its customers by raising $200 million worth of equity capital.
The asset manager has not yet identified authorized participants (APs) who will act as intermediaries between ETF investors and issuers and will be responsible for the issuance and redemption of ETF shares. Other issuers such as BlackRock, Invesco Galaxy and Wisdom Tree already name AP in their latest S-1 filings with the SEC.
Bitwise Predicts Bitcoin Price to Reach $80 Thousand
The SEC is expected to approve pending ETF applications simultaneously. This means Bitwise will be better positioned to meet the needs of its customers by raising $200 million worth of equity capital.
Notably, Bitwise’s latest filing comes nearly two weeks after the Depository Trust and Clearing Corporation (DTCC) released a list of spot Bitcoin ETFs associated with the asset management firm.
This institution is responsible for executing transactions, and ETFs listed here usually indicate the product will be launched.
Bitwise reiterated that Bitcoin (BTC) will rise as the new year begins. The company predicts that the cryptocurrency could reach an all-time high of up to $80,000 by 2024. has not yet identified the authorized participants (APs) who will act and be responsible for the issuance and redemption of ETF shares. Other issuers such as BlackRock, Invesco Galaxy and Wisdom Tree already name AP in their latest S-1 filings with the SEC.
This view was echoed by Bitwise Chief Investment Officer Matt Hogan in an interview with CNBC on December 6. Hogan said he expects more volatility in the short term after this year’s big rally, but he expects Bitcoin to reach new all-time highs within the next six years. Maximum 12 months.
In the interview, Hogan said she strongly believes that the crypto market, also known as the crypto winter, is over and that it is at the beginning of institutional adoption of crypto assets.
