The world’s largest cryptocurrency Bitcoin (BTC) surged past $47,000 on Monday, as issuers such as BlackRock, Fidelity, and others updated their paperwork with the U.S. Securities and Exchange Commission (SEC).

VanEck Seeds its Bitcoin ETF With $72.5 Million

Those looking to issue spot Bitcoin Exchange-Traded Funds (ETFs) have revealed additional information about their initial funding through amended forms submitted early on Monday.

Leading the pack is investment firm VanEck, which has taken a decisive step by seeding its potential spot Bitcoin ETF with an initial investment of $72.5 million, as revealed in its amended S-1 form.

Bitwise, another contender in the race for a spot Bitcoin ETF, has disclosed seeding its proposed ETF with an initial amount of $500,000, according to its amended S-1 form. Additionally, Pantera Capital has expressed interest in contributing a substantial $200 million to the fund if it secures approval. It’s crucial to note that this expression of interest is stated as non-binding and indicative.

Notably, BlackRock, a significant player in the financial industry, has entered the fray by seeding its potential spot Bitcoin ETF with an initial investment of $10 million, as per details provided in its amended S-1 form.

Earlier this week on January 5th, VanEck committed to allocating 5% of the prospective profits from its spot Bitcoin ETF to support Bitcoin core developers at Brink. Additionally, VanEck initiated its support by making an initial donation of $10,000 to Brink to aid in furthering its crucial work.

Bitcoin Price to Surge $200,000 In Two Years

As the financial sector anticipates regulatory decisions on Bitcoin spot ETF applications, Standard Chartered Bank delivered a forecast on Monday, suggesting that the price of Bitcoin could surpass $200,000 by the conclusion of 2025. Geoffrey Kendrick, the head of financial research at Standard Chartered Bank, conveyed this outlook to investors in a note.

He emphasized that if anticipated inflows related to ETFs materialize, the bank envisions a potential year-end level approaching $200,000. Kendrick noted that this projection aligns with their earlier estimations, which targeted $100,000 by the conclusion of 2024.

BREAKINGGlobal banking giant Standard Chartered says $50-$100 BILLION could flow into #Bitcoin ETFs in 2024 pic.twitter.com/yQobJcs6EA

— Bitcoin Archive (@BTC_Archive) January 8, 2024

Some of the Bitcoin whales seem to be in a profit-taking zone as of now. Lookonchain reported that a strategic whale recently made a significant move, depositing the entirety of their 1,000 BTC (equivalent to $22.47 million) into Binance following a Bitcoin surge above $45,000, reports LookonChain.

Notably, this smart whale has been actively depositing a total of 4,000 BTC (amounting to $178.7 million) into Binance over the past two weeks. The deposits were made at an average price of $44,673, with the whale executing sales at favorable high prices on each occasion.

The post BTC Price Jumps Past $47,000 As VanEck Seeds Its Bitcoin ETF With $72 Million appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am