Bitwise Asset Management, a provider of cryptocurrency index funds to professional investors, now manages over $100 million in assets.
- The level is a record for the company and comes amid rising demand from hedge funds, financial advisors and multifamily offices, according to a press release.
- The major recipient of the increased inflows has been the diversified Bitwise 10 Crypto Index Fund, which tracks bitcoin, ethereum, litecoin and other top-10 cryptocurrencies by market value.
- "We're reaping the harvest of two years of building infrastructure in this space," Bitwise Chief Investment Officer Matt Hougan, told CoinDesk in a phone interview. "It's no surprise that we're hitting multiyear highs."
- The surge in Bitwise's assets under management has happened alongside an increase in institutional participation in the top cryptocurrency.
- Several public companies, including the likes of MicroStrategy and Square, have recently disclosed their bitcoin investments, providing a vote of confidence in bitcoin's long-term value as an inflation hedge.
- "That has convinced many who were previously cautious that it's time to reevaluate," Bitwise Chief Executive Officer Hunter Horsley said in the press release.
- Bitwise has failed in its attempts to win approval from the U.S. Securities and Exchange Commission for a bitcoin-focused exchange-traded fund.