As part of an effort to increase its services, one of the world’s largest crypto asset management companies raised about $70,000,000.
Bitwise is the company that seeks to expand as new institutions join the market and SEC shows a greater openness.
Hunter Horsley told me that the company is expecting to increase its headcount this year from 100 to 130. The company is looking at bringing more products, including ETFs and custom solutions.
Horsley explained that Bitwise has three buckets of investment it hopes will grow. It’s “beta” Most people are familiar with the offerings that most companies make (e.g. The crypto index funds, bitcoin ETFs and the crypto index fund are all part of its offerings.
In November, it acquired Attestant to offer non-custodial institution staking as part of the onchain solution bucket. Bitwise has also developed so-called Alpha Strategies.
For example, the latter category includes custom SMAs designed for institutional clients.
“There’s a growing interest amongst owners of bitcoin to explore if there are ways to make their holdings productive and generate income or yield with that bitcoin,” Horsley explains.
The SEC has received proposals from Bitwise, as well as other fund groups, to create ETFs with assets that go beyond BTC or ETH. Please refresh your memory here and here.
Horsley claimed Bitwise uplisting their Bitwise 10 Crypto Index Fund would be one of 2017’s biggest events. This $1.2bn trust was the world’s very first crypto-index fund in 2017.
“A lot of investors are not going to build a portfolio of seven different single-coin ETFs,” He told me. “I think many, as they continue to explore beyond bitcoin, are interested in an index solution.”
Bitwise’s conversations with SEC following Trump’s Inauguration are “more constructive,” Horsley called the shift “a night-and-day change.”
Although he declined to comment on the SEC’s timeline, he noted that the SEC’s position was clear. “openness to a broader set of things.”
Lastly, I wanted to know if client conversations had changed since the latest bitcoin plunge.
Horsley has noted that some traders/individuals are sending out bad vibes. “somewhat bearish and maybe a little bit fearful” — particularly those with exposure to small- and mid-cap cryptos.
He said that mainstream investors are: “I think there is more interest, including this week, than ever before.”
Horsley also added that: “Bitcoin having volatility is not a new phenomenon.”
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