Funding bolsters the firm’s balance sheet and accelerates buildout of Bitwise’s beta, alpha, and onchain solutions.
Bitwise Asset Management, a premier crypto-specialist asset manager with over $12 billion in client assets, announced the completion of a $70 million equity raise. The round was led by Electric Capital, with participation from MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, ParaFi Capital, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Nikesh Arora, among others.
“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”
“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,” said Bitwise CEO Hunter Horsley. “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.”
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Bitwise experienced tremendous 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, and more. By serving as a specialist partner, Bitwise enables clients to access the opportunities that meet their objectives.
Proceeds from the round will 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 use Bitwise products, along with more than 15 banks, broker-dealers, and platforms.
The firm 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.
RISKS AND IMPORTANT INFORMATION
No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.
Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.
Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.
Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.
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