Bitwise Asset Management, a crypto specialist asset management firm, has raised a further $70 million in a funding round that positions it in the shifting landscape of digital assets.
The investment, led by Electric Capital, includes a diversified roster of technology investors and institutions that demonstrate mounting confidence in the crypto space’s long-term future. The development will boost Bitwise’s capabilities and expand its reach in the growing institutional crypto space.
Founded in 2017 and based in San Francisco, Bitwise Asset Management is the biggest crypto index fund manager worldwide. It offers institutional-quality access to cryptocurrencies through index and exchange-traded funds.
Its team combines technology and traditional asset management experience to service thousands of investors with an appetite for openness and creativity. This has established Bitwise as a trusted wealth management and institutional investor ally that the world looks toward.
Bitwise Funding Round
Bitwise Asset Management has raised $70 million in a funding round headed by Electric Capital and participation from MassMutual, the MIT Investment Management Company, as well as Haun Ventures. Other investors that support the funding include Highland Capital and ParaFi Capital.
The capital will fortify Bitwise’s balance sheet, enhance the firm’s investment offerings, and further position it as a top crypto asset manager.
Furthermore, the firm manages a total of $12 billion in assets and plans to launch additional solutions. This year, it is increasing its staff and further entrenching itself in the fast-changing world of digital assets.
As part of the new $70 million funding, Bitwise will hire additional staff members, extend the scope of its offerings, and further consolidate its position in crypto asset management.
The company will expand its workforce to over 130 staff members in San Francisco, New York, and London. Meanwhile, they will develop investment strategies such as ETFs and on-chain strategies. CEO Hunter Horsley reiterated the need for the company to build a long-lasting relationship with customers and be a part of the larger crypto environment.
Investor Confidence Grows
Bitwise funding reflects the growing institutional confidence in cryptocurrencies. The investors’ support comes after the sector has matured and been integrated into conventional finance.
This constitutes a transition toward mainstream use and acceptance, with institutions increasingly seeing crypto as a valuable investment opportunity.
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