Bitwise Asset Management, a provider of crypto-asset index and beta funds, announced on Wednesday it has recently surpassed $100 million in crypto-assets. Founded in 2017, Bitwise Asset Management claims it pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the crypto-asset space.
Bitwise further revealed it is made up of, backed, and advised by some of the world’s leading venture capital firms and an amazing array of investors and advisors with deep experience in tech, fintech, crypto, and traditional asset management. The company previously raised $4 million through its seed funding round almost three years ago. Speaking about the company’s achievements since launch, Hunter Horsley, Bitwise’s CEO, stated:
“When Bitwise started in 2017, most investors in the space were individuals. Today, we see the greatest demand from RIAs, financial advisors, multifamily offices, and hedge funds. The recent entrance of firms like PayPal, Square, Fidelity, CME, Nomura, Facebook, and others has convinced many who were previously cautious that it’s time to reevaluate.”
Bitwise then noted that the majority of demand has been for its Bitwise 10 Crypto Index Fund, which tracks the 10 largest crypto-assets, such as Bitcoin, Ethereum, and Litecoin, that comprise more than 80% of the entire crypto asset class. The fund is currently available as a private placement; shares are expected to start publicly trading later this quarter. Bitwise then added:
“In addition to the Bitwise 10 Crypto Index Fund, Bitwise provides funds offering stand-alone exposure to bitcoin and stand-alone exposure to Ethereum. The bitcoin and ethereum funds are today available to accredited investors as private placements.”