Bitwise Asset Management, a cryptocurrency manager, has announced the completion of its Series B round led by Elad Gil and Electric Capital. The manager raised $70 million from Third Point, Willoughby Capital, Coinbase Ventures, and others. The latest funding round values the manager at $500 million.
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As the manager is already profitable, Bitwise wants to use the proceeds from its Series B round to "strengthen its balance sheet." Bitwise CEO, Hunter Horsley, says the latest round of capital will help the company to "substantially grow" its organization and expand its offerings.
"Bitwise is focused on equipping investment professionals with the products, education and relationships they need to steward crypto and blockchain investments on behalf of their clients and LPs over the long run," Horsley added.
Bitwise's new funding round comes after the Bitwise Crypto Industry Innovators ETF, based on 30 publicly traded companies in the crypto sector, started trading on the New York Stock Exchange under the ticker BITQ. The index also includes companies with at least $100 million in liquid crypto assets on their balance sheets.
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