Bitwise Asset Management, a crypto-specialist asset manager with over $12 billion in client assets, announced the completion of a $70 million equity raise.
The investment round was reportedly led by Electric Capital, along with participation from the folllowing entities: MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, ParaFi Capital, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Nikesh Arora, among others.”
Bitwise CEO Hunter Horsley said:
“Following the path charted by private equity, private credit, and high-yield bonds, crypto is coming into its own as an increasingly institutional and unique alternative asset class. We’re proud to have been a reliable partner to clients for the last seven years, and we are building the firm to be the best partner to clients for decades to come. We are excited to have the backing of new and existing investors who share our vision.”
Bitwise says that it experienced growth during 2024, with client assets increasing “more than 10x to over $12 billion across the firm’s three core business lines: beta, alpha, and onchain solutions.”
Today, Bitwise’s broad suite of 32 investment solutions “includes yield and alpha strategies, multi-strategy solutions, separately managed accounts, onchain staking, index funds, bitcoin ETPs.”
By serving as a specialist partner, Bitwise enables clients to “access the opportunities that meet their objectives.”
Proceeds from the round will aim to “bolster the firm’s balance sheet and contribute to the buildout of investment capabilities and investor solutions.”
Bitwise has offices in San Francisco, New York, and London, with “a team of more than 100 technology and investment professionals.”
The firm plans to grow its staff to “more than 130 this year to meet investor demand for investment solutions, research, client service, and education.”
More than 5,000 wealth teams, RIAs, family offices, and institutional clients in the U.S. and Europe reportedly “use Bitwise products, along with more than 15 banks, broker-dealers, and platforms.”
The firm claims that it is committed to being a good steward of client capital, as well as the underlying crypto ecosystem in which “clients are investing, with plans to continue contributing to the development of the ecosystem in the coming year.”
