Cryptocurrency News

Bitwise secures $70M in Series B funding from prominent Wall Street investors

Four-year-old crypto asset management firm Bitwise has closed a Series B funding round, raising $70 million in fresh capital from investors.

according to a report good Major Wall Street figures such as billionaire investors and bitcoin (Bitcoin) were reported by CNBC on Tuesday.B T c) proponents Stanley Druckenmiller and David McCormick, CEO of asset management giant Bridgewater, participated in the funding.

Commenting on the impressive cast of investors, CNBC quoted Bitwise CEO Hunter Horsley as saying that the company was keen to attract major Wall Street and crypto backers.

Bitwise will reportedly use the newly raised funds to strengthen its balance sheet as well as doubling its team size. As previously reported by Cointelegraph, Bitwise assets under management cross the $1 billion mark Back in February 2021.

The milestone soon followed on its heels AUM is heading north of $500 million just a month ago. The company’s asset base growth coincides with an increasingly frenzy in the crypto market as bitcoin (B T c) reached a new all-time high above $64,000 before the current price decline.

At the time of writing, the AUM for the Bitwise 10 Crypto Index Fund has fallen $796 million Amidst the downturn in the cryptocurrency market.

According to Horsley, the company’s focus is more long-term and not distracted by periods of downtrends, adding, “We serve the long-term investor wondering whether this is the role they will play in the next five to ten years.” How to approach their portfolio and build a thesis.”

related: for the long haul? When bitcoin dropped, institutions held fast

In a previous conversation with Cointelegraph, Bitwise Chief Investment Officer Matt Hogan echoed similar sentiments. At the time, Haughan argued that institutional investors are “make a generational bet“By investing in bitcoin and not worried about “few weeks of volatility”.

Indeed, a recent survey by Intertrust of 100 financial executives at major hedge funds around the world showed significant interest in crypto investing. According to the survey, hedge funds in the United States will account for 10.6% Hold crypto assets within the next five years.