With its innovative method to draw new investment into the crypto industry, Bitwise has secured $70 million from some of Wall Street‘s most renowned names.
Elad Gil and Electric Capital led a $70 million Series B financing round for Bitwise.
Bitwise completes the second round of the Series B competition
Bitwise Asset Management, a bitcoin asset management business with $1.2 billion in assets under management, has raised $70 million in new investment.
The company announced the completion of the fundraising on Tuesday. The $70 million investment values the firm at $500 million. Elad Gil and Electric Capital led the round, with Wall Street heavyweights Stanley Druckenmiller and Daniel Loeb of Third Point, Bridgewater’s David McCormick, and Blackstone’s Nadeem Meghji the others.
Bitwise is the world’s largest crypto index fund, having been founded in 2017. Its 10 Crypto Index Fund provides liquid, simple, and low-cost exposure to some of the most popular cryptocurrencies. Those seeking crypto exposure without going via centralized or decentralized exchanges are particularly fond of the fund.
Bitwise CEO Hunter Horsley commented on the raise:
“Five years from now, while some investors will still be trading crypto portfolios themselves, many long-term investors will want to rely on the same financial advisors, processes, and brokerages they use for every other asset class.”
He went on to say that the money will be used to expand the company’s product line and grow the business.
Bitwise has strong relationships with financial advising companies and family offices across the United States. The company aspires to be the go-to option for easy crypto exposure for the average investor. AAVE, SNX, UNI, MKR, YFI, COMP, UMA, LRC, and ZRX are among the nine DeFi tokens being tested in a DeFi index fund for qualified investors.
Bitwise has also applied for a Bitcoin exchange-traded fund (ETF). However, the outcome is still waiting for the decision of the appropriate US authorities.