Crypto index fund manager Bitwise has announced a significant milestone, surpassing $5 billion in assets under management (AUM) across its suite of investment products. This remarkable achievement, reflecting a 400% increase this year, comes as a result of contributions from both existing and new investors.
The year 2024 has proven to be pivotal for Bitwise, marked by a series of strategic launches and milestones. In January, the firm introduced its first spot Bitcoin Exchange-Traded Product (ETP), which rapidly gained traction to become one of the 25 fastest-growing ETPs in history, amassing over $2.7 billion in assets.
In the latter half of the year, Bitwise expanded its offerings with the launch of its second spot Ethereum ETP. This product garnered impressive interest, attracting over $300 million in inflows within the first three months of its release.
Adding to its growth strategy, Bitwise acquired ETC Group in August, a London-based issuer known for offering the largest physical Bitcoin ETP in Europe. This acquisition further strengthens Bitwise's position in the market.
Bitwise now boasts a comprehensive range of offerings, including the world's largest crypto index fund, a leading thematic equity ETF, and a variety of spot crypto ETPs. Additionally, the firm provides multi-strategy alpha solutions, separately managed accounts, and private funds, catering to a wide array of investor needs.
Bitwise's CEO expressed gratitude for the confidence investors have shown, stating, “We’re grateful for the trust they’ve placed in us as we continue to build Bitwise to be a best-in-class institution they can rely on to access this space.”
The $5 billion milestone coincides with the appointment of Luis Berruga as a strategic advisor. Berruga brings extensive experience from his tenure as the CEO of ETF provider Global X, where he played a crucial role in growing the firm’s assets from $8 billion to nearly $40 billion, establishing it as a global ETF powerhouse.
Commenting on the appointment, Bitwise CEO Hunter Horsely noted, “Luis has the nearly unparalleled experience of pioneering the thematic equity category and scaling a new, enduring asset manager over the last decade.” Berruga himself expressed excitement about his new role, stating, “I’m thrilled to support Hunter and the executive team as they continue to scale, guiding Bitwise to become one of the top institutional asset managers for the next 100 years of the internet age.”
The news of Bitwise surpassing $5 billion in AUM has sparked positive reactions within the crypto community. Enthusiasts have hailed it as a “great” achievement, with some projecting that the firm could easily reach $20 billion in AUM by 2026.
As Bitwise continues to innovate and expand its product offerings, its strategic moves and strong leadership position it well for future growth in the rapidly evolving cryptocurrency landscape.
October 2024, Cryptoniteuae