Bitwise, the crypto asset management firm, has raised $70 million in fresh capital from investors and closed a Series B funding round.
It has been reported that major Wall Street figures such as billionaire investor and Bitcoin (BTC) proponent Stanley Druckenmiller and David McCormick, the CEO of asset management giant Bridgewater Associates, participated in the funding.
Hunter Horsley, the CEO of Bitwise, said that the company was keen to attract major Wall Street and crypto backers.
However, Bitwise will utilize the newly raised funds to beef up its balance sheet as well as double the size of its team. As previously reported, Bitwise’s assets under management crossed the $1-billion mark back in February 2021.
The report said that the milestone came shortly on the heels of its AUM moving north of $500 million only a month prior. The company’s asset base growth coincided with a bullish frenzy in the crypto market as Bitcoin raced to a new all-time high above $64,000 before the current price downturn.
Horsley said that the company’s focus is more long-term and is unfazed by periods of downtrends.
“We serve the long-term investor thinking if this has a role to play in the next five to 10 years of how they approach their portfolio and building a thesis.”
Likewise, Matt Hougan, the Chief Investment Officer of Bitwise, also espoused similar sentiments. At the time, Hougan argued that institutional investors are “making a generational bet” by investing in Bitcoin and are not worried about “a few weeks of volatility.”
A recent survey by Intertrust of 100 financial officers at major hedge funds across the world has shown significant interest in crypto investments.
Thus, according to the survey, as many as 10.6% of hedge funds in the United States will hold crypto assets within the next five years.