Bitwise Raises $70 Million Equity to Expand Investment Capabilities
Bitwise, a cryptocurrency-focused asset manager, has raised $70 million in equity, led by Electric Capital. Other investors include MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, and ParaFi Capital.
Proceeds will be used to:
- Strengthen its balance sheet
- Expand investment capabilities and services
- Increase headcount in San Francisco, New York, and London
Bitwise issues one of the 12 spot BTC exchange-traded funds (ETFs) in the U.S., facilitating institutional investment in bitcoin. It also launched a spot ether ETF and is preparing to offer a product with combined exposure to BTC and ETH.