Bitwise Asset Management said on Tuesday it had raised $70 million from a host of investors including Electric Capital, MassMutual and Haun Ventures, according to a social media post.
"Bitwise has completed a $70 million round of funding from top financial institutions and technology investors as we continue building the leading crypto asset management firm," Bitwise said in its post to X.
The company issued both spot bitcoin and spot ether ETFs in 2024. Bitwise's spot BTC product has nearly $4 billion in assets under management, according to The Block Data Dashboard. Last week, the U.S. Securities and Exchange Commission acknowledged a spot XRP ETF filing from Cboe BZX Exchange on behalf of Bitwise.
Bitwise has over 100 employees and oversees $12 billion in client assets. "We will continue to invest in the team and in new solutions across beta, alpha, and onchain," the firm said in its statement on Tuesday.
Other investors mentioned in the funding announcement included MIT Investment Management Company, Highland Capital, ParaFi Capital, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Palo Alto Networks CEO Nikesh Arora.
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