Crypto manager Bitwise raises $70 million from Kravis, Druckenmiller and more
Bitwise reached profitability earlier this year, but CEO Hunter Horsley said the company wanted to get "some of the best minds, investors and backers across Wall Street" involved.
Hunter Horsley, CEO of Bitwise Asset Management and executives celebrate the launch of an ETF at the New York Stock Exchange, June 1, 2021.Henry Kravis, Stanley Druckenmiller and Bridgewater CEO David McCormick have invested in Bitwise Asset Management's Series B funding. "We wanted to get some of the best minds, investors and backers across Wall Street and crypto involved with the company because we see an opportunity to build an enduring institution," Horsley said.
Bitwise plans to use the funds to strengthen its balance sheet and develop its research, client service and sales teams. It has doubled the size of those teams from the start of the year and plans to double them again by the end the year. It also plans to launch more products this year, Horsley said, though he declined to share more detail. It currently offers several cryptocurrency index funds "but there's more that we want to do," he added.
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