Bitwise Tops $100M in Assets Under Management
Cryptocurrency-focused money manager sees inflows from hedge funds, financial advisors and family wealth-management offices.
Oct 28, 2020 at 2:41 p.m. UTCUpdated Aug 19, 2021 at 5:19 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/3VYUKYIVSRGHHFUHN5DD67TMLE.jpg)
Bitwise Asset Management, a provider of cryptocurrency index funds to professional investors, now manages over $100 million in assets.
- The level is a record for the company and comes amid rising demand from hedge funds, financial advisors and multifamily offices, according to a press release.
- "We're reaping the harvest of two years of building infrastructure in this space," Bitwise Chief Investment Officer Matt Hougan, told CoinDesk in a phone interview. "It's no surprise that we're hitting multiyear highs."
- The surge in Bitwise's assets under management has happened alongside an increase in institutional participation in the top cryptocurrency.
- Several public companies, including the likes of MicroStrategy and Square, have recently disclosed their bitcoin investments, providing a vote of confidence in bitcoin's long-term value as an inflation hedge.
- "That has convinced many who were previously cautious that it's time to reevaluate," Bitwise Chief Executive Officer Hunter Horsley said in the press release.
- Bitwise has failed in its attempts to win approval from the U.S. Securities and Exchange Commission for a bitcoin-focused exchange-traded fund.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)