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Home»Altcoins»Bitwise Closes Rankings with a $200 Million Seed Fund
Altcoins

Bitwise Closes Rankings with a $200 Million Seed Fund

2023-12-30No Comments3 Mins Read
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The competition between the Discover Bitcoin ETF issuers continue to heat up as the period progresses possible approval of these funds approaches. Asset manager Bitwise is the issuer currently making waves as it could potentially move higher the world’s largest asset manager, BlackRockin terms of seed funds for their respective ETFs.

Bitwise’s Bitcoin ETF could see a $200 million seed fund

Bitwises last amendment to the S-1 filing at the Securities and Exchange Commission (SEC) shows that the asset manager has received interest from an investor to invest its ETF with $200 million at launch. Bloomberg analyst Eric Balchunas emphasized its significance, as he did declared that it “blows away” BlackRock’s initial seed fund of $10 million.

The analyst noted that Bitwise actually putting such an amount into its ETF could be a “huge help” in the early days of the race. It is believed that the SEC will probably approve simultaneously the current ETF applications. As such, the fact that Bitwise could create $200 million in shares could give the asset manager an advantage in meeting client demands.

Bitwise had previously shown its intention to take the lead from the start after launch release of its Bitcoin ETF commercial. This move could help the asset manager gain a lot of interest in its Bitcoin ETF even before the launch. That way, the public will see it as the first choice at launch.

Notably, Bitwise did not specify who the Authorized Participant (AP) for its ETF would be. The AP would act as an intermediary between the ETF investor and the issuer as they are responsible for creating and redeeming the ETF shares. While Bitwise failed to mention its AP, other issuers such as BlackRock included it in theirs final S-1 filing with the SEC.

See also  Mt. GOX fires the second $ 900 million in a week of $ 900 million+ bitcoin, while BTC tumbles up to $ 76k

Bitcoin price chart from Tradingview.com (Bitwise Spot Bitcoin ETF)

BTC price above $42,000 once again | Source: BTCUSD On Tradingview.com

BTC ETF issuers are showing their hands in the latest wave of signups

Spot Bitcoin ETF Issuers have made some notable additions in their latest and final amendment to their S-1 filings. These inclusions also give an idea of ​​what strategy these issuers may want to pursue to attract investors to their funds. In The case of Fidelitythe asset manager will try to tempt investors with its relatively low costs.

Balchunas noted that Fidelity’s ‘sponsor fee’ of 0.39% is the lowest yet among other issuers that have disclosed their fees. Interesting enough, Invesco is employing a more seductive strategy, as they revealed in their statement last amendment that they will waive fees for the first six months and the first $5 billion in assets.

The Bloomberg Analyst named that the fee war will continue to be a thing in the Spot Bitcoin ETF space as issuers will look to outdo themselves.

Featured image from Crypto Briefing, chart from Tradingview.com

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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Bitwise closes Fund Million rankings seed
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