Crypto asset manager Bitwise says an unnamed investor is looking to pour hundreds of millions of dollars into its planned spot market Bitcoin (BTC) exchange-traded fund (ETF).
According to a new S-1 document archived Along with the US Securities and Exchange Commission (SEC), an unidentified investor plans to put $200 million into Bitwise’s potential ETF, although no binding agreement has been reached.
“[An unnamed investor] has indicated its interest in purchasing up to $200 million in aggregate of shares in this offering from authorized participants (APs) or in the marketplace through broker-dealers.
However, because indications of interest are not binding agreements or commitments to purchase, this potential buyer could decide to purchase more, fewer, or no shares.”
According to Bloomberg analyst and ETF expert Eric Balchunas, the amount is $200 million dwarfs that of the seed capital for BlackRock, the world’s largest asset manager planned for just $10 million.
“Bitwise S-1 has been filed and it looks like someone (I wonder who) is going to provide BITB with $200 million, blowing away BlackRock’s $10 million (as far as we know). That will be so [a] enormous help [the] early days of [the] race. No AP mentioned, but likely available soon.”
Bitcoin is trading at $42,606 at the time of writing, up marginally over the past 24 hours.
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Generated image: Midjourney
