Bitwise Asset Management, a cryptocurrency index fund manager, has completed a $70 million Series B financing round led by Elad Gil and Electric Capital.
New backers included Daniel Loeb’s Third Point, Daniel Och’s Willoughby Capital, Louis Bacon’s Moore Strategic Ventures, Paul Eisenstein’s Vetamer Capital, and Coinbase Ventures, as well as individual investors Henry Kravis and Stanley Druckenmiller.
Bitwise expects to use the financing’s proceeds to strengthen its balance sheet, accelerate the national buildout of its organization, team and product suite, and “cement our position as the premier crypto partner for professional investors,” Bitwise CEO Hunter Horsley said in a release.
Bitwise said it is currently profitable and has more than $1.2 billion in assets under management.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
