Bitwise Raises $70 Million as SEC Signals Increased Openness
Bitwise, a major crypto asset manager, has raised $70 million to expand its offerings as institutional interest grows and the SEC shows increased openness. Key points include:
- CEO Hunter Horsley plans to increase headcount from 100 to 130 this year.
- Focus on three investment buckets: beta offerings (crypto index fund, bitcoin and ether ETFs), onchain solutions (non-custodial institutional staking), and alpha strategies (custom SMAs for large clients).
- Growing demand for making bitcoin holdings productive through income-generating options.
- Bitwise has proposals pending with the SEC for ETFs that include assets beyond BTC and ETH.
- The Bitwise 10 Crypto Index Fund aims to uplist, potentially marking a significant development in crypto investments.
- Client sentiment is mixed, with some traders feeling bearish, especially regarding small- and mid-cap cryptos, while mainstream investment professionals show increased interest.
Horsley noted conversations with the SEC have become more constructive since recent regulatory changes. The market remains volatile, but interest persists among investors.