Bitwise Now Manages $500 Million in Cryptocurrency

Crypto index provider Bitwise now has over $500 million in assets under management. Three months ago, Bitwise reported only $100 million in assets under management. 

Bitwise recently launched America’s first publicly traded crypto index, with a goal to introduce the wealth management industry to the world of cryptocurrency. 

“The speed at which professional investors are moving into crypto right now is remarkable,” said Hunter Horsley, co-founder and CEO of Bitwise, in a statement. 

Bitwise’s crypto index fund, the Bitwise 10 Crypto Index Fund, tracks the 10 largest crypto assets, including Bitcoin, Ethereum and Litecoin. It has seen the strongest demand of all Bitwise products, increasing its total of assets under management to $400 million. 

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As well as the Bitwise Bitcoin Fund, the Bitwise Ethereum Fund has also seen an increase in demand, demonstrating that the growing crypto appeal for professional investors is not simply restricted to Bitcoin. 

The inflows into Bitwise’s funds during the last quarter of 2020 surpassed the total cumulative inflows of 2018 and 2019 combined. 

The increased demand is mostly comprised of Bitwise’s core audience, including “investment professionals, including financial advisors, hedge funds, corporate balance sheets, and other institutional investors,” the company said. 

Bitwise CIO Matthew Hougan previously told Decrypt he planned to make Bitwise the FTSE 100 of the crypto space. It’s certainly on its way.