In a strategic expansion of its operations, crypto asset manager Bitwise has acquired staking infrastructure firm Chorus One, which oversees more than $22 billion in assets across multiple blockchain networks. According to the assessment of specialists presented in the publication, this acquisition is set to bolster Bitwise's on-chain division, enhancing its capabilities in the rapidly growing staking market.
Bitwise Acquires Chorus One
The acquisition brings 50 employees from Chorus One into Bitwise, further strengthening its team as it continues to stake billions of dollars in crypto assets for its clients. Although the financial details of the deal have not been disclosed, the integration of Chorus One's expertise is expected to significantly enhance Bitwise's staking operations across over 30 proof-of-stake networks, moving beyond its previous focus on Ethereum.
Chorus One's Client Base
Chorus One, established in 2018, has built a diverse client base that includes:
- family offices
- large funds
- exchanges
- high-net-worth individuals
- custodians
Brian Crain, the founder and CEO of Chorus One, will remain with the company in an advisory capacity, ensuring a smooth transition as the two firms align their operations.
Strategic Positioning for Future Growth
With the U.S. SEC showing a willingness to embrace a broader range of crypto investment products, Bitwise is strategically positioning itself to potentially launch new exchange-traded funds (ETFs) that could provide staking rewards to everyday investors. CEO Hunter Horsley emphasizes that staking represents a significant growth opportunity for Bitwise, which currently manages approximately $15 billion in assets across more than 40 investment products, including the Bitwise Bitcoin ETF and the Bitwise Ethereum ETF.
Bitwise's recent acquisition of Chorus One, aimed at enhancing its staking services, follows a previous announcement detailing the strategic importance of this move. For more information, see the full article here.
