Crypto Asset Manager Bitwise Bolsters Balance Sheet With $70M Equity Raise

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, Bitwise announced on Tuesday.

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.

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.