Bitwise Raises $70 Million, Backed by Electric Capital, MassMutual, and Haun Ventures

Bitwise Asset Management, one of the leading crypto asset management firms, has announced that it has raised $70 million from a range of major investors, including Electric Capital, MassMutual, and Haun Ventures. The company announced the news via a social media post on Tuesday.

"Bitwise has completed a $70 million funding round from leading financial institutions and technology investors as we continue to build the leading crypto asset manager," the company shared on X.

Bitwise's Strong Growth

Bitwise has launched spot ETFs for Bitcoin and Ether in 2024, and its spot BTC product currently has nearly $4 billion in assets under management, according to data from Blockstream Data Dashboard. In addition, the company is also pushing ahead with the launch of an XRP spot ETF, which has been filed with the Cboe BZX Exchange and has been approved by the U.S. Securities and Exchange Commission (SEC).

Bitwise currently has over 100 employees and manages a total of $12 billion in assets for its clients. The company is committed to continuing to invest in its team and develop new solutions focused on beta, alpha, and onchain.

List of Notable Investors

In addition to the organizations mentioned, the funding round also saw participation from other investors such as MIT Investment Management, Highland Capital, ParaFi Capital, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Palo Alto Networks CEO Nikesh Arora.

With strong backing from established investors and success in developing crypto ETF products, Bitwise is increasingly cementing its position as one of the leading crypto asset managers in the market.