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June 16, 2021

Bitwise Asset Management raises $70m to expand team and product suite

By Verdict Staff

Cryptocurrency index fund manager Bitwise Asset Management has raised more than $70m through its Series B financing round.

The company said that it will use the fresh capital to strengthen its balance sheet and support the national buildout of its organisation, team, and product suite.

Bitwise CEO Hunter Horsley said: “Bitwise is focused on equipping investment professionals with the products, education and relationships they need to steward crypto and blockchain investments on behalf of their clients and LPs over the long run.

“This new round of capital will help us substantially grow our organisation, expand our offerings, and cement our position as the premier crypto partner for professional investors.”

Led by Silicon Valley invester Elad Gil and Electric Capital, the financing round was joined by several new investers including Third Point, Willoughby Capital, Moore Strategic Ventures, Vetamer Capital, and Coinbase Ventures.

It was also joined by individual investors such as Henry Kravis, Stanley Druckenmiller, David McCormick, Daniel Sundheim, Kevin Warsh, and Nadeem Meghji.

The company’s existing backers including Highland Capital, Khosla Ventures, Blockchain Capital, Castle Island Ventures, Alison Davis, Adam Nash, and Naval Ravikant also participated in the round.

Gil said: “Bitwise has established itself as the market leader among financial advisors and has tremendous momentum.

“We believe that their best-of-breed crypto investment solutions, education, and client service sets them up to be the premier player in what they do.”

In 2017, Bitwise raised $4m in seed funding, following the launch of its cryptocurrency index fund Bitwise HOLD 10 Private Index Fund.

Latest developments at Bitwise

The latest funding round follows several milestones achieved by Bitwise in the recent years.

The company’s assets under management crossed $1.2bn at the end of the first quarter, up more than 20 times year over year.

In February this year, Bitwise launched Bitwise DeFi Crypto Index Fund, which is claimed to be the first DeFi index fund globally.

Last month, the company unveiled Bitwise Crypto Industry Innovators ETF which tracks the Bitwise Crypto Innovators 30 Index of pure-play crypto equities.

With the latest funding, Bitwise is planning to roll out new products to access a range of crypto opportunities.

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