- VanEck took a significant step by announcing its decision to support the potential spot Bitcoin
ETF with an initial investment of $72.5 million, according to a revised S-1 form.
- BlackRock also indicated in the details of the revised S-1 form that it initially supported the potential spot Bitcoin ETF with a $10 million investment.
- As the financial sector awaits regulatory decisions on Bitcoin spot ETF applications, Standard Chartered Bank published a prediction on Monday.
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As a critical decision for Spot Bitcoin ETF approaches, VanEck’s move stands out in the latest updates from companies!
VanEck Reveals Plan for Spot Bitcoin ETF
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Bitcoin, the world’s largest cryptocurrency, rose above $47,000 on Monday as issuers such as BlackRock and Fidelity updated their documents submitted to the U.S. Securities and Exchange Commission (SEC).
Those looking to launch Spot Bitcoin Exchange Traded Funds (ETFs) released additional information about their initial funding through revised forms on Monday. Among the leaders, investment firm VanEck took a significant step by announcing its decision to support the potential spot Bitcoin ETF with an initial investment of $72.5 million, according to a statement in the revised S-1 form.
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Another player in the race, Bitwise, announced in the revised S-1 form that it initially supported its proposed ETF with an amount of $500,000. Additionally, Pantera Capital is said to be interested in making a significant contribution of $200 million to the fund if it receives approval. It’s important to note that this interest is not binding and indicative.
BlackRock, a major player in the financial industry, also mentioned in the details of the revised S-1 form that it initially supported the potential spot Bitcoin ETF with a $10 million investment. Earlier this week, on January 5th, VanEck committed to allocating 5% of potential profits to support Bitcoin core developers on Brink. VanEck also provided initial support to Brink by donating $10,000.
Bitcoin Price to Surpass $200,000 Within Two Years
While the financial sector awaits regulatory decisions on Bitcoin spot ETF applications, Standard Chartered Bank made a prediction on Monday, suggesting that Bitcoin’s price could surpass $200,000 by the end of 2025. Geoffrey Kendrick, the Head of Financial Research at Standard Chartered Bank, conveyed this view in a note to investors.
In the event of expected entries related to the ETF materializing, the bank sees its potential year-end level approaching $200,000. Kendrick emphasized that this projection aligns with their previous forecasts, aiming to reach up to $100,000 by the end of 2024.
Some Bitcoin whales seem to be in the profit-taking zone at the moment. According to a report by Lookonchain, a strategic whale made a significant move by depositing 1,000 BTC (approximately $22.47 million) to Binance after Bitcoin rose above $45,000. Importantly, this smart whale has deposited a total of 4,000 BTC (approximately $178.7 million) to Binance in the last two weeks. The investments were made at an average price of $44,673, and the whale sold at favorable high prices in each case.