Bitwise Emerges as a Strong Contender
In the race for the first Bitcoin ETF in the US, Bitwise has made a significant move by filing its S-1 form. The company has committed an impressive $200 million to seed its ETF, surpassing BlackRock’s known seed capital of $10 million. While the source of this commitment remains undisclosed, it is expected to provide substantial support in the initial stages of the ETF race. Although an Authorized Participant (AP) has not been named yet, it is likely to be disclosed soon.
JPMorgan’s Surprising Role
In a surprising turn of events, JPMorgan has been revealed as one of the Authorized Participants (APs) for BlackRock’s ETFs. This comes just weeks after JPMorgan CEO Jamie Dimon criticized Bitcoin publicly. The inclusion of JPMorgan as an AP raises questions about the bank’s stance on cryptocurrency. However, JPMorgan’s strong market presence in the investment banking sector can bring credibility and stability to the ETFs it supports.
Hot Take: A Competitive Bitcoin ETF Race
The competition for the first Bitcoin ETF in the US is heating up with top financial players like Bitwise and BlackRock vying for the spot. Bitwise’s substantial commitment of $200 million to seed its ETF gives it a strong advantage. On the other hand, JPMorgan’s involvement as an Authorized Participant for BlackRock’s ETFs adds an interesting twist to the race. As developments unfold, it will be intriguing to see which player emerges victorious and what impact it will have on the broader cryptocurrency market.
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