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Bitwise also has Has been updated The company filed its S-1 form by the December 29 deadline set by the SEC, revealing plans for a $200 million seed investment in a Spot Bitcoin (BTC) exchange-traded fund (ETF).
This amount is 20 times BlackRock’s recently announced $10 million seed investment in a Spot Bitcoin ETF.
The SEC is expected to announce the first wave of approvals or denials in early January 2024.
AP nameless
Unlike BlackRock, which named Jane Street and JPMorgan for the role, Bitwise has yet to name an authorized participant (AP) for the ETF. Details regarding Bitwise’s certified participants will be announced soon.
Eric Balchunas, senior ETF analyst at Bloomberg, believes the seed funding gap between Bitwise and BlackRock could impact the early stages of competition between ETF issuers, giving the former an advantage. There is.
The SEC’s upcoming decision regarding the Bitcoin Spot ETF will be an important factor for the cryptocurrency market, especially ahead of the Bitcoin halving event scheduled for April 2024.
According to CryptoSlate data, Bitcoin is currently trading at $42,478 and remains within the $41,000 to $44,000 range.
The expectations surrounding the SEC’s decision regarding the Bitcoin Spot ETF are not just a matter of regulatory compliance. It is also seen as a potential catalyst for the next stage of growth and adoption in the crypto market.
Approval of these ETFs could open the door to a wider range of investors and could lead to increased liquidity and stability in the prices of flagship cryptocurrencies.
Most applications have been updated
Most Spot Bitcoin ETF candidates have updated their S-1 filings with the SEC and are poised for approval as early as January 10, 2024.
Ark Invest also has not yet named AP in its filing, but has updated its filing to focus on how AP works with respect to APs and ETFs.
Meanwhile, Valkyrie Investments named Jane Street Capital and financial services firm Cantor Fitzgerald as authorized participants in its updated filing.
Some companies, including VanEck, are also launching advertising campaigns for Bitcoin ETFs in hopes of positive news from the SEC in the coming weeks.
Bitwise recently stated that it expects the Spot Bitcoin ETF to become the most successful financial product in history. The company, which has a $200 million seed fund, is putting a lot of money into its predictions.
The company is also considering launching a Spot Ethereum ETF in the coming months.
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