Bitwise Raises $70M for Crypto Expansion Amidst Growing Investor Interest

Bitwise Asset Management, a leading player in the cryptocurrency asset management space, has announced a significant fundraising round of $70 million. The investment was led by a diverse group of financial institutions and technology investors, including Electric Capital, MassMutual, and Haun Ventures.

The company, which is known for its spot bitcoin and spot ether exchange-traded funds (ETFs), has seen remarkable growth in its assets under management. Its spot BTC product has amassed nearly $4 billion in assets, reflecting the increasing investor interest in cryptocurrencies. Bitwise's expansion in the ETF market was further bolstered last week when the U.S. Securities and Exchange Commission (SEC) acknowledged a spot XRP ETF filing from Cboe BZX Exchange on behalf of Bitwise.

With over 100 employees and $12 billion in client assets under its management, Bitwise has demonstrated a strong commitment to the cryptocurrency industry. The company's latest funding round will enable it to continue investing in its team and developing new solutions across beta, alpha, and on-chain strategies.

In addition to the lead investors, the funding round also included participation from MIT Investment Management Company, Highland Capital, ParaFi Capital, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Nikesh Arora, CEO of Palo Alto Networks.