Key Takeaways
- • Bitwise Asset Management completed a $70 million equity raise 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, according to the firm's announcement.
- • Bitwise reports client assets grew more than 10x during 2024 to over $12 billion across its beta, alpha, and onchain solutions business lines.
- • Proceeds will strengthen the firm's balance sheet and fund buildout of investment capabilities and investor solutions.
- • The firm offers 32 investment solutions and serves more than 5,000 wealth teams, RIAs, family offices, and institutional clients in the U.S. and Europe, plus more than 15 banks, broker-dealers, and platforms.
- • Bitwise plans to grow headcount from more than 100 to more than 130 this year across offices in San Francisco, New York, and London.
Summary
Bitwise Asset Management, a 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.
Bitwise CEO Hunter Horsley framed the raise in institutional terms, saying that "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." Horsley noted the firm has served clients for seven years and said the new and existing investors share its vision for the firm's long-term development.
The firm reported client assets rising more than tenfold in 2024 to over $12 billion across its three core business lines: beta, alpha, and onchain solutions. Its lineup of 32 investment solutions includes yield and alpha strategies, multi-strategy solutions, separately managed accounts, onchain staking, index funds, and bitcoin ETPs. Bitwise said more than 5,000 wealth teams, RIAs, family offices, and institutional clients in the U.S. and Europe use its products, along with more than 15 banks, broker-dealers, and platforms.
Proceeds will bolster the balance sheet and support investment capabilities and investor solutions. The firm employs more than 100 technology and investment professionals across San Francisco, New York, and London, and plans to expand to more than 130 staff this year to meet demand for investment solutions, research, client service, and education. The company said it intends to continue contributing to development of the underlying crypto ecosystem over the coming year.
Bitwise CEO Hunter Horsley framed the raise in institutional terms, saying that "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." Horsley noted the firm has served clients for seven years and said the new and existing investors share its vision for the firm's long-term development.
The firm reported client assets rising more than tenfold in 2024 to over $12 billion across its three core business lines: beta, alpha, and onchain solutions. Its lineup of 32 investment solutions includes yield and alpha strategies, multi-strategy solutions, separately managed accounts, onchain staking, index funds, and bitcoin ETPs. Bitwise said more than 5,000 wealth teams, RIAs, family offices, and institutional clients in the U.S. and Europe use its products, along with more than 15 banks, broker-dealers, and platforms.
Proceeds will bolster the balance sheet and support investment capabilities and investor solutions. The firm employs more than 100 technology and investment professionals across San Francisco, New York, and London, and plans to expand to more than 130 staff this year to meet demand for investment solutions, research, client service, and education. The company said it intends to continue contributing to development of the underlying crypto ecosystem over the coming year.
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