Bitwise Raises $70 Million in Equity

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
– ParaFi Capital

Bitwise announced the completion of the raise on Tuesday. The firm plans to use the proceeds to:
– Bolster its balance sheet
– Expand its investment capabilities and services
– 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 (ETFs) listed in the U.S., paving the way for greater institutional investment in bitcoin. It has also listed a spot ether ETF and has initiated plans for a product offering weighted exposure to both BTC and ETH.