Bitwise secures $70M in Collection B funding from main Wall Street investors

Bitwise, a four-year-old crypto resource management firm, has shut a Series B funding circular, raising $70 million within fresh capital from traders. According to a report by CNBC on Tuesday, major Wall structure Street figures such as billionaire investor and Bitcoin (BTC) proponent Stanley Druckenmiller plus David McCormick, CEO associated with asset management giant Bridgewater Associates, participated in the financing. Commenting on the stellar throw of investors, CNBC cited Bitwise CEO Hunter Horsley stating that the company had been keen to attract main Wall Street and crypto backers. Bitwise will apparently utilize the newly raised money to beef up its stability sheet as well as double the dimensions of its team. As earlier reported by Cointelegraph, Bitwise’s assets under management entered the $1-billion mark in February 2021. The landmark came shortly on the high heel sandals of its AUM moving northern of $500 million just a month prior. The company’s resource base growth coincided using a bullish frenzy in the crypto market as Bitcoin ran to a new all-time higher above $64, 000 prior to the current price downturn. During the time of writing, the AUM for your Bitwise 10 Crypto Catalog Fund has dipped in order to $796 million amid the particular cryptocurrency market downturn. Based on Horsley, the company’s focus much more long-term and is unfazed simply by periods of downtrends, saying, “We serve the long lasting investor thinking if this includes a role to play in the next 5 to 10 years of how these people approach their portfolio plus building a thesis. “Related: In the future? When Bitcoin nosedived, establishments held fastIn a prior conversation with Cointelegraph, He Hougan, chief investment official of Bitwise, also espoused similar sentiments. At the time, Hougan argued that institutional traders are “making a generational bet” by investing in Bitcoin and so are not worried about “a couple weeks of volatility. “Indeed, a current survey by Intertrust associated with 100 financial officers from major hedge funds around the world has shown significant interest in crypto investments. According to the survey, as much as 10. 6% of hedge funds in the United States will hold crypto assets within the next five many years.