Bitwise, a four-year-old crypto asset management company, has completed its Series B funding round and has raised $70 million in new funds from investors.
Stanley Druckermiller, billionaire investor and CEO of Bridgewater, David McCormey participated in the funding, according to a CNBC report on Tuesday.
Commenting on numerous investors, CNBC quoted Bitwise CEO Hunter Horsley as saying that the company was interested in attracting big supporters of Wall Street and cryptocurrencies.
Bitwise will reportedly use the newly raised funds to strengthen its bottom line and double the size of its team. As of February 2021, Bitwise’s assets under management had passed the $1 billion mark.
That milestone came shortly after the company’s AUM shifted north by $500 million just a month ago. The company’s asset base growth coincided with the bullish trend in the cryptocurrency market as Bitcoin rose to a record high of over $64,000 before the current price decline.
According to Horsley, the company’s focus is on the longer term and not plagued by downtrends, saying, “We serve the long-term investor thinking if this has a role to play in the next five to ten years of how they approach their portfolio and building a thesis.”
Bitwise Asset Management is the world’s largest crypto index fund manager. As of March 31, 2021, its portfolio of assets under management exceeded $1.2 billion.
Founded in 2017, the company is known for managing the world’s largest crypto index fund, the first “DeFi” crypto index fund, and creating stocks and other risk positions, covering Bitcoin, Ethereum, cryptocurrency-focused stocks, and others.
Bitwise focuses on looking after investment professionals, financial advisors, institutional investors, and high net worth individuals.