BlackRock, Blackstone, Facebook and Google, as well as the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and asset management executives, and has been profiled in Institutional Investor, CNBC, Barron’s, Bloomberg and The Wall Street Journal.
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“Crypto is an exciting category with a lot of promise but also unique challenges. Bitwise is the best at what they do, and essential for many professionals to be comfortable participating in this growing space,” added Henry Kravis, co-founder of private equity firm KKR, who also joined the funding round.
Fast growth fuelled by crypto boom
The funding round follows several recent milestones for Bitwise. The company’s assets under management went up 20 times in the last year, rising to over $1.2bn at the end of the first quarter.
Bitwise says over 200 financial advisory firms currently use its products and research to help clients access the cryptocurrency asset class.
Davis Foundation Board of Trustees), Tom Schmidt (Dragonfly Capital General Partner), Stani Kulechov (Aave Founder), and Robert Leshner (Compound Labs Founder), and existing backers Highland Capital, Khosla Ventures, Blockchain Capital, Castle Island Ventures, Alison Davis, Adam Nash, and Naval Ravikant.
The company, currently profitable, expects to use the funds to strengthen its balance sheet and accelerate the national buildout of its organization, team and product suite.
Led by CEO Hunter Horsley, Bitwise is a cryptoasset manager handling over $1.2 billion across an expanding suite of investment solutions. The firm manages a large crypto index fund (OTCQX: BITW), and has pioneered products spanning Bitcoin, Ethereum, DeFi and crypto-focused equity indexes. In February, the company launched a DeFi index fund, the Bitwise DeFi Crypto Index Fund.
Bitwise asset 70m series electric capitale
Davis Foundation Board of Trustees), Tom Schmidt (Dragonfly Capital General Partner), Stani Kulechov (Aave Founder), and Robert Leshner (Compound Labs Founder).
About Bitwise Asset Management
Based in San Francisco, Bitwise is one of the largest and fastest-growing cryptoasset managers. As of Q1 2021, Bitwise managed over $1.2 billion across an expanding suite of investment solutions. The firm is known for managing the world’s largest crypto index fund (OTCQX: BITW), and pioneering products spanning Bitcoin, Ethereum, DeFi and crypto-focused equity indexes.
Bitwise focuses on partnering with financial advisors and investment professionals to provide quality education and research.
Bitwise asset 70m series electric capitali
SAN FRANCISCO–(BUSINESS WIRE)–Bitwise Asset Management, the world’s largest cryptocurrency index fund manager, today announced the completion of its Series B. The round was led by Elad Gil and Electric Capital, joined by new backers including Daniel Loeb’s Third Point LLC, Daniel Och’s Willoughby Capital, Louis Bacon’s Moore Strategic Ventures, Paul Eisenstein’s Vetamer Capital, and Coinbase Ventures, alongside individual investors Henry Kravis, Stanley Druckenmiller, David McCormick (Bridgewater CEO), Daniel Sundheim (D1 CIO), Kevin Warsh (former U.S. Federal Reserve Governor), Nadeem Meghji (Blackstone executive), Tracey Warson (former Head of Citi Private Bank), Fidji Simo (Facebook executive), Helen Riley (Google X CFO), and several others (full list below).
Bitwise asset 70m series electric capitales
Federal Reserve Governor), Nadeem Meghji (Blackstone Head of Real Estate Americas), Fidji Simo (Head of Facebook App), Helen Riley (Google X CFO), Carrie Schwab-Pomerantz (Charles Schwab Foundation President), Tracey Warson (former Head of Citi Private Bank), Charles Goldman (former AssetMark CEO), Mary Cranston (Visa Board Director), Carolyn Everson (former Facebook VP), Julie Zhuo (former Facebook VP), Asha Sharma (Instacart COO), Ashley Yuki (Instagram Product Director), Howard Akumiah (Spotify Product Director), Ranjana Clark (MUFG Head of Global Transaction Banking), Abby Adlerman (Boardspan CEO), Katia Verresen, Rebecca Macieira-Kaufmann (former Head of Citigroup’s International Personal Bank), Ben Stein (Spruce House Managing Partner), Dave Fogel (IndexIQ Co-founder), C.J. Fitzgerald (Summit Partners Senior Advisor), Paul Sallaberry (U.C.
Is it another wave of “institutional FOMO” (Fear Of Missing Out) in cryptocurrency? After American billionaire Paul Tudor Jones’ endorsement of Bitcoin, hedge fund giants Stanley Druckenmiller and Daniel Loeb are backing crypto asset management firm Bitwise.
Bitwise Asset Management has completed a $70 million led by tech investor Elad Gil and crypto venture fund Electric Capital. The round includes Daniel Loeb’s Third Point LLC, hedge funder Stanley Druckenmiller, financier Henry Kravis, Bridgewater CEO David McCormick and Nadeem Meghji, a senior managing director at Blackstone.
With $1.2 billion in assets under management —a 20 times year-on-year increase, Bitwise offers index funds covering Bitcoin (BTC), Ether (ETH) and DeFi tokens.
In the latest round, dYdX said it will use the new capital to significantly improve liquidity during volatile trading periods.
Earlier backers of the protocol also include a16z, Bain Capital Ventures and Coinbase CEO Brian Armstrong.
In February this year, dYdX launched a new Layer-2 solution to make the platform less costly to use. Since the February upgrade, dYdX’s Layer-2 protocol has supported over $2.2 billion in volume from over 11,000 traders. “We’re doing about $40 to $50 million in volume every day on layer two” perpetual swaps, founder Antonio Juliano told CoinDesk, referring to the protocol upgrade.
DYdX is positioning itself as a decentralized hub for Ethereum-based crypto derivatives.
Existing Bitwise backers including Highland Capital, Khosla Ventures, Blockchain Capital, Castle Island Ventures, Alison Davis, Adam Nash, and Naval Ravikant participated as well.
Bitwise, currently profitable, expects to use the proceeds from its Series B round to strengthen its balance sheet and accelerate the national buildout of its organization, team and product suite.
“Five years from now, while some investors will still be trading crypto portfolios themselves, many long-term investors will want to rely on the same financial advisors, processes and brokerages they use for every other asset class,” said Bitwise CEO Hunter Horsley. “Bitwise is focused on equipping investment professionals with the products, education and relationships they need to steward crypto and blockchain investments on behalf of their clients and LPs over the long run.
In February, the company launched the world’s first DeFi index fund, the Bitwise DeFi Crypto Index Fund, which has seen rapid growth since inception. In May, the firm saw the launch of the Bitwise Crypto Industry Innovators ETF (NYSE: BITQ), the first crypto industry ETF, which tracks the Bitwise Crypto Innovators 30 Index of pure-play crypto equities. These new funds join the flagship Bitwise 10 Crypto Index Fund (OTCQX: BITW), the world’s largest crypto index fund, as well as the Bitwise Bitcoin Fund, the Bitwise Ethereum Fund, and other products.
With the additional funding, Bitwise plans to continue to introduce new and innovative products to access the wide range of crypto opportunities.
The round was co-led by two existing investors, Elad Gil and Electric Capital.