Bitcoin Spot ETF wars: Bitwise S-1 filing reveals $200 million seed, beats BlackRock’s $10 million


  • 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. 

Also read: Ripple executive slams SEC for its forever crypto ground war, XRP price eyes recovery

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. 

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.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

OpenAI parts ways with cofounder and chief scientist Ilya Sutskever

OpenAI parts ways with cofounder and chief scientist Ilya Sutskever

OpenAI cofounder Ilya Sutskever is exiting the firm for reasons not disclosed yet. Jakub Pachocki replaces Sutskever, taking the baton after running many of OpenAI’s most important projects, Altman says. Reportedly, Sutskever played a key role in the November ouster of CEO Sam Altman.

More Cryptocurrencies News

Sonne Finance suspends all Optimism markets after over $20 million exploit

Sonne Finance suspends all Optimism markets after over $20 million exploit

With PeckShield attributing the attack to a time-locked contract, Sonne Finance has suspended all Optimism markets, adding that the Base market is safe. Noteworthy, Sonne Finance is the first platform to launch a lending protocol on Optimism. 

More Cryptocurrencies News

Bitcoin Price Outlook: Will GameStop stock resurgence have downstream effect on BTC and alts?

Bitcoin Price Outlook: Will GameStop stock resurgence have downstream effect on BTC and alts?

Bitcoin continues to glide along an ascending trendline on the four-hour time frame. Meanwhile, the GameStop saga that has resurfaced after three years distracts the market, with speculation that it could inspire risk appetite among traders and investors.

More Bitcoin News

Ethereum bears attempt to take lead following increased odds for a spot ETH ETF denial

Ethereum bears attempt to take lead following increased odds for a spot ETH ETF denial

Ethereum is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the SEC approving a spot ETH ETF decrease.

More Ethereum News

Bitcoin: Why BTC is close to a bottom

Bitcoin: Why BTC is close to a bottom

Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped. 

Read full analysis

BTC

ETH

XRP