Bitwise announced raising $70 million in a new funding round intended for team development and core business expansion.
New Funding Round
On February 25, Bitwise announced it raised $70 million in a new funding round. Investors included Electric Capital, MassMutual, MIT Investment Management Company, Highland Capital, and Haun Ventures.
Bitwise Growth and Plans
Bitwise reported a 10X growth in client assets under management in 2024, reaching over $12 billion. The company is active in the digital asset fund space, offering Bitcoin and Ether ETFs, with plans to launch XRP and Solana ETFs. It also provides crypto index funds and investment solutions for different parts of the Web3 space.
Trends in Digital Asset Management
The digital asset management market continues to grow. In April 2024, Pantera Capital announced raising $1 billion for a new crypto fund. In November 2024, Grayscale showed significant monthly growth in its portfolio, up 85%. The crypto asset management market is expected to grow at a compound annual rate of 22-25% until 2030.
The rising interest in digital assets and regulatory clarity drives growth in the crypto asset management market, particularly in the Asia-Pacific region and North America.
