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Bitwise Completes $70 Million Equity Raise
Leading Crypto Asset Manager Secures Funding from Notable Investors
Cryptocurrency-focused asset manager Bitwise has completed a $70 million equity raise led by crypto venture firm Electric Capital. The raise also included participation from MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, and ParaFi Capital, as announced by Bitwise on Tuesday.
Strategic Use of Proceeds
The firm plans to use proceeds from the raise to bolster its balance sheet, expand its investment capabilities and services, and grow its headcount across its offices in San Francisco, New York, and London.
Expanding Investment Opportunities
Bitwise is the issuer of one of the 12 spot BTC exchange-traded funds listed in the U.S., which opened the door to previously unseen institutional investment in bitcoin. It has since listed a spot ether ETF and last month set the wheels in motion to list a product offering weighted exposure to both BTC and ETH.
Conclusion
In conclusion, Bitwise’s $70 million equity raise marks a significant milestone in the company’s journey to become a leading player in the cryptocurrency market. With its expanded resources, Bitwise is poised to further expand its investment opportunities, services, and presence in the global market.
FAQs
Q: What is the purpose of Bitwise’s $70 million equity raise?
A: The raise will be used to bolster Bitwise’s balance sheet, expand its investment capabilities and services, and grow its headcount across its offices.
Q: Who led the $70 million equity raise for Bitwise?
A: The raise was led by crypto venture firm Electric Capital, with participation from notable investors including MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, and ParaFi Capital.
Q: What are the key benefits of Bitwise’s $70 million equity raise?
A: The raise will enable Bitwise to expand its investment opportunities, services, and presence in the global market, while also strengthening its balance sheet and growth prospects.
Q: What is Bitwise’s current product lineup?
A: Bitwise is the issuer of one of the 12 spot BTC exchange-traded funds listed in the U.S. and has since listed a spot ether ETF, with plans to list a product offering weighted exposure to both BTC and ETH.
