Bitwise asset management, a cryptocurrency index fund manager based in San Francisco, Calif., has completed a $ 70 million Series B funding round.
The round was led by Elad Gil and Electric Capital, joined by new backers Third Point LLC of Daniel Loeb, Willoughby Capital of Daniel Och, Moore Strategic Ventures of Louis Bacon, Vetamer Capital of Paul Eisenstein, Coinbase Ventures, ParaFi Capital and Alison Davis and Matthew Le Merle. Blockchain co-investors; New personal investors include Henry Kravis, Stanley Druckenmiller, Daniel Sundheim (D1 CIO), David McCormick (CEO of Bridgewater), Kevin Warsh (former governor of the US Federal Reserve), Nadeem Meghji (head of Blackstone Real Estate Americas) , Fidji Simo (head of the Facebook application), Helen Riley (chief financial officer of Google X), Carrie Schwab-Pomerantz (president of the Charles Schwab Foundation), Tracey Warson (former director of Citi Private Bank), Charles Goldman (former CEO of AssetMark), Mary Cranston (Director of Visa Council), Carolyn Everson (Former Vice President of Facebook), Julie Zhuo (Former Vice President of Facebook), Asha Sharma (COO of Instacart), Ashley Yuki ( Instagram Product Manager), Howard Akumiah (Spotify Product Manager), Ranjana Clark (Head of Global MUFG Transaction Banking), Abby Adlerman (CEO of Boardpan), Katia Verresen, Rebecca Macieira-Kaufmann (former Former Director of Citigroup’s International Personal Bank), Ben Stein (Managing Partner of Spruce House), Dave Fogel (Co-Founder of IndexIQ), CJ Fitzgerald (Senior Advisor of Summit Partners), Paul Sallaberry (Board of Directors of UC Davis Foundation), Tom Schmidt (General Partner of Dragonfly Capital), Stani Kulechov (Founder of Aave) and Robert Leshner (Founder of Compound Labs) and existing funders Highland Capital, Khosla Ventures, Blockchain Capital, Castle Island Ventures, Alison Davis, Adam Nash and Naval Ravikant.
The currently profitable company plans to use the funds to strengthen its balance sheet and accelerate the national development of its organization, team and product line.
Led by CEO Hunter Horsley, Bitwise is a crypto-asset manager managing more than $ 1.2 billion in an expanding suite of investment solutions. The company operates a large crypto index fund (OTCQX: BITW) and has launched products spanning Bitcoin, Ethereum, DeFi, and crypto-focused stock indices. In February, the company launched a DeFi index fund, the Bitwise DeFi Crypto Index Fund. In May, the company launched the Bitwise Crypto Industry Innovators ETF (NYSE: BITQ), a crypto industry ETF, which tracks the Bitwise Crypto Innovators 30 index of pure-play crypto stocks. These new funds join the Bitwise 10 Crypto Index Fund, as well as the Bitwise Bitcoin Fund, Bitwise Ethereum Fund and other products.
The company is also focused on partnering with financial advisors and investment professionals to provide quality education and research.