Bitwise Tops $100M in Assets Under Management
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.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
