Today Bitwise Asset Management announced it had closed a $70 million Series B at a valuation of more than $500 million, led by Elad Gill and Electric Capital. A long list of high profile investors includes Henry Kravis, Stanley Druckenmiller, Bridgewater CEO David McCormick and Third Point LLC.
The cryptocurrency index fund manager says it is now profitable after growing assets under management to more than $1.2 billion, a 20 times year-on-year increase.
Bitwise targets financial advisors and brokers with its offerings and says it has 200 of these clients. “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,” said Bitwise CEO Hunter Horsley.
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