Founded in 2017, Bitwise manages over $12 billion in client assets and is known for its spot bitcoin ETF, BITB, which held nearly $4 billion in assets by February 2025. The firm offers 20 products, including the Bitwise 10 Crypto Index Fund (BITW) and ETFs tracking equities linked to crypto assets.

The funding round announced this week included venture capital firms like Parafi Capital and Khosla Ventures, alongside institutional investors such as MIT Investment Management Company and Massmutual. Bitwise stated it will invest in hiring and developing solutions addressing market risk (beta), excess returns (alpha), and blockchain-based technologies.

The involvement of traditional financial players like Massmutual underscores growing institutional acceptance of crypto assets. Bitwise’s spot bitcoin ETF, among the fastest to reach $1 billion in assets, and its recent filing for a spot XRP ETF reflect its expansion ambitions.

Bitwise reported a tenfold increase in assets under management in 2024, reaching $12 billion. Its research, including a 2025 survey, found 56% of financial advisors are more likely to invest in crypto this year, signaling broader market optimism.

The company believes the funding solidifies Bitwise’s role as a crypto industry leader and highlights accelerating integration of digital assets into mainstream finance, potentially driving further innovation in ETFs and blockchain-based investment tools.

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