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Bitwise Tops $100M in Assets Under Management
Cryptocurrency-focused money manager sees inflows from hedge funds, financial advisors and family wealth-management offices.
Bitwise Asset Management, a provider of cryptocurrency index funds to professional investors, now manages over $100 million in assets.
STORY CONTINUES BELOW
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- 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.
- The major recipient of the increased inflows has been the diversified Bitwise 10 Crypto Index Fund, which tracks bitcoin, ethereum, litecoin and other top-10 cryptocurrencies by market value.
- "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.
Read more: Bitwise Bitcoin Fund Doubles to $9M as Investor Fears Grow Over Runaway Inflation
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
