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.
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