CandleFocus

Crypto Asset Manager Bitwise Bolsters Balance Sheet With $70M Equity Raise

Crypto Asset Manager Bitwise Bolsters Balance Sheet With $70M Equity Raise
Crypto asset manager Bitwise has successfully raised $70 million in equity, with leading investment coming from crypto venture firm Electric Capital. This funding round also involved participation from MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, and ParaFi Capital. The raised funds will be used to strengthen Bitwise's balance sheet, expand its investment capabilities and services, and increase its workforce across its offices in San Francisco, New York, and London. Bitwise is known for being the issuer of one of the 12 spot Bitcoin exchange-traded funds (ETFs) in the US, which has paved the way for institutional investment in Bitcoin. The company has since listed a spot Ether ETF and is now working towards launching a product offering exposure to both Bitcoin and Ethereum.

Related News