Bitwise Asset Management Closes $70 Million Equity Round Led by Electric Capital

Bitwise Asset Management has raised $70 million in an equity round led by Electric Capital, indicating rising institutional interest in cryptocurrency investments. Key participants included MassMutual, Highland Capital, and MIT Investment Management Company.

Key Highlights

• The funding illustrates a shift as institutions recognize crypto as a viable alternative asset class.
• Bitwise CEO Hunter Horsley stated that "Crypto is coming into its own as an increasingly institutional and unique alternative asset class."
• Citadel Securities plans to enter the crypto market-making space, aiming to provide liquidity on major exchanges like Coinbase and Binance.
• Canary Capital filed for an ETF tracking the spot price of Solana.
• Bitwise aims to build on 2024's success, where client assets surged over tenfold to exceed $12 billion.
• The new funds will enhance its balance sheet and expand investment capabilities.
• Bitwise operates from San Francisco, New York, and London, with plans to grow its team from 100 to over 130 employees this year.
• The firm offers 32 investment solutions, including yield and alpha strategies, multi-strategy products, and index funds.