Bitwise Raises $70M to Expand Crypto ETF Empire

Crypto asset manager Bitwise has bolstered its balance sheet with a $70 million equity raise, led by crypto venture firm Electric Capital. The raise also saw participation from MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, and ParaFi Capital, as announced by Bitwise on Tuesday.

The firm plans to use the proceeds from the raise to strengthen its balance sheet, expand its investment capabilities and services, and grow its headcount across its offices in San Francisco, New York, and London. Bitwise is the issuer of one of the 12 spot BTC exchange-traded funds listed in the U.S., which opened the door to previously unseen institutional investment in bitcoin.

The firm has since listed a spot ether ETF and last month set the wheels in motion to list a product offering weighted exposure to both BTC and ETH. This latest funding round underscores the growing interest and confidence in the crypto asset management sector, as investors seek exposure to the burgeoning digital asset class.