Bitwise, a cryptocurrency-focused asset manager, has completed a $70 million raising equity.
The mentioned funding round was led by Electric Capital. The funds received are expected to help Bitwise bolster its balance sheet and develop new investment opportunities and solutions for investors. The relevant information is contained in a press release that was published by the company last Tuesday, February 25.
Bitwise chief executive officer Hunter Horsley stated that by following the path charted by private equity, private credit, and high-yield bonds, cryptocurrency is becoming an increasingly institutional and unique alternative asset class. He noted that the company is proud to have been a reliable partner for clients over the past seven years. Hunter Horsley also stated that the process of building the firm is implemented in such a way that it remains the best partner for customers for decades to come. Moreover, according to him, the company is excited to have the backing of new and existing investors who share Bitwise’s vision.
In a press release, it was noted that last year the firm demonstrated tremendous growth, against which the assets of customers increased tenfold, amounting to more than $12 billion in three main lines of its business, beta, alpha, and onchain solutions.
The funding round came at a hectic time for the crypto world. Regulators are currently withdrawing their cases against high-profile exchanges. At the same time, lawmakers are calling for improved legislation on digital assets. In their opinion, appropriate actions will contribute to bringing more innovations in the area of virtual currencies.
Rep. French Hill of Arkansas, chairman of the House Financial Services Committee (HFSC), and Rep. Bryan Steil of Wisconsin, head of the HFSC’s Digital Assets, Financial Technology, and Artificial Intelligence Committee, wrote in a joint opinion last week that Congress had overlooked the cryptocurrency sector for too long. According to them, there is little doubt that innovations will make financial products more accessible and affordable. They stated that from stablecoins to asset tokenization and decentralized finance apps, these advancements have the potential to reduce costs and expand opportunities for both investors and consumers.
Also last week, the United States crypto exchange called on Congress to create regulations for the digital asset industry. In the relevant context, it was also noted that the absence of clear legislation in the US stifles potential, leaves consumers exposed, and stimulates innovation abroad. The crypto exchange also outlined legislative priorities. In this case, the law that distinguishes between securities, commodities, and other types of tokens was mentioned.
Coinbase is also calling for the adoption of a law that would give the Commodity Futures Trading Commission the power to govern the crypto spot market, ensuring transparency and protecting consumers from fraud and manipulation.
It is worth noting that the administration of the President of the United States, Donald Trump, has a kind of pro-crypto status. Against this background, expectations are circulating that Washington, as a political center, will follow a more friendly approach to the practice of interacting with the digital currency sector.
As we have reported earlier, Bitwise Says About Overall Potential of Crypto and Artificial Intelligence.
