VanEck and Bitwise announced on Monday that they are kickstarting their Bitcoin ETFs with initial investments of $72.5 million and $500,000, respectively, as disclosed in S-1 documents submitted to the SEC. Bitwise, self-proclaimed as the largest crypto index fund manager in the United States, not only contributes its $500,000 seed capital but also opens up a $200 million investment opportunity, with investment firm Pantera Capital expressing interest in purchasing up to $200 million worth of shares.
VanEck and Bitwise Secure 200 Million Dollars in Readiness for Potential Bitcoin ETF Approval
Bitwise clarified, ‘Pantera Capital Management LP, through one or more of its affiliated investment funds, has expressed interest in acquiring an aggregate of up to $200 million of Shares in this offering from Authorized Participants or in the marketplace through broker-dealers. However, as indications of interest are not binding agreements or commitments to purchase, these potential purchasers could decide to acquire more, fewer, or no Shares.’
Established in 1955, VanEck, headquartered in New York, is a global investment and asset management firm specializing in ETFs, mutual funds, and institutional investor account management. According to VanEck, the company initiated the development of ETF products in 2006.
Despite launching a Bitcoin Futures ETF in 2017, VanEck, like many others, is still awaiting approval for a spot in the Bitcoin ETF from the U.S. Securities and Exchange Commission. This week holds hopes for a positive change, as both the firm and the cryptocurrency market anticipate SEC approval.
The SEC is currently reviewing several ETF applications, including those from Bitwise and VanEck. In a unique marketing move last December, Bitwise featured ‘The Most Interesting Man in the World,’ Jonathan Goldsmith, in a Bitcoin ETF advertisement.
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