Bitwise Tops $100M in Assets Under Management
Bitwise Asset Management, a provider of cryptocurrency index funds to professional investors, now manages over $100 million in assets.
The level is a record for the company and comes amid rising demand from hedge funds, financial advisors and multifamily offices, according to a press release.
The major recipient of the increased inflows has been the diversified Bitwise 10 Crypto Index Fund, which tracks bitcoin, ethereum, litecoin and other top-10 cryptocurrencies by market value.
“We’re reaping the harvest of two years of building infrastructure in this space,” Bitwise Chief Investment Officer Matt Hougan, told CoinDesk in a phone interview. “It’s no surprise that we’re hitting multiyear highs.”
The surge in Bitwise’s assets under management has happened alongside an increase in institutional participation in the top cryptocurrency.
Several public companies, including the likes of MicroStrategy and Square, have recently disclosed their bitcoin investments, providing a vote of confidence in bitcoin’s long-term value as an inflation hedge.
“That has convinced many who were previously cautious that it’s time to reevaluate,” Bitwise Chief Executive Officer Hunter Horsley said in the press release.
Bitwise has failed in its attempts to win approval from the U.S. Securities and Exchange Commission for a bitcoin-focused exchange-traded fund.
Read more: Bitwise Bitcoin Fund Doubles to $9M as Investor Fears Grow Over Runaway Inflation
