BlackRock Raises JPMorgan to ETF Filing Levels While Bitwise Secures $200M in Seed Funding

As a result of BlackRock’s partnership with the hesitant JPMorgan and Bitwise’s $200 million in funding, the crypto revolution in banking is on full display.

Notable financial institutions are reworking their applications in an effort to develop the first US Bitcoin ETF. BlackRock, Invesco, and Fidelity are among these organizations. In contrast to BlackRock’s $10 million, Bitwise’s $200 million seed capital was just revealed in its S-1 form. Bitwise has a head start in the race because of these substantial funds, although the name of the investor is unclear.

Launching an exchange-traded fund (ETF) requires seed cash to make it available to investors and to help create the units that will eventually make up the ETF. Some exchange-traded funds (ETFs) increasingly use self-seeding tactics, even though banks have historically supplied these funds.

For whatever reason, BlackRock’s revised ETF filing surprised everyone by including JPMorgan as an authorized participant (AP). Considering the JPMorgan CEO’s reputation for having a negative attitude towards Bitcoin, this came as a surprise. The participation of a sizable bank, which is well known for being wary of cryptocurrencies, lends legitimacy to the ETF and further illustrates the shifting relationship between traditional finance and the crypto sector.

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