Crypto asset manager Bitwise has revealed that an unnamed investor is planning to inject a substantial sum of $200 million into its proposed spot market Bitcoin exchange-traded fund (ETF), as per a recent S-1 filing with the U.S. Securities and Exchange Commission (SEC).

The document states that the investor has expressed interest in purchasing up to $200 million worth of shares in the offering from Authorized Participants (APs) or through broker-dealers in the marketplace. However, this indication of interest does not constitute a binding agreement or commitment to purchase, leaving room for the investor to adjust the amount of shares they ultimately acquire.

Eric Balchunas, a Bloomberg analyst and ETF expert, noted that the $200 million commitment far surpasses the initial seed money for BlackRock, a leading asset management firm, which stands at a mere $10 million. This substantial investment is expected to provide significant support in the early stages of the race to establish the ETF.

At the time of writing, Bitcoin is being traded at $42,606, reflecting a slight increase over the past 24 hours.