Bitwise Launches DeFi Crypto Index Fund
The fund bets on 10 Ethereum-based protocols angling to shape the future of finance.
The Series B round values the firm at $500 million.
The ETF will aim to track Bitwise's list of top crypto firms and includes companies with $100 million or more of liquid crypto assets on their balance sheet.
Some analysts are optimistic while others prefer to see stronger signs of upside momentum before calling a bottom.
If it succeeds, Bitwise would join Grayscale as the only crypto fund issuers to register their products as a public reporting company.
The asset manager's chief investment officer says institutional interest in DeFi tokens is ramping up.