Total amount raised
$154.5 Million
Latest funding date
02/01/2025
Location
Bitwise has successfully raised funding over five rounds, with the latest being a Venture - Series Unknown round. The company is backed by 61 investors, including notable names like Nikesh Arora and General Catalyst.
Bitwise has also raised three funds, with the most recent being the Bitwise Bitcoin Fund. Keep reading to explore the intricacies of Bitwise's fundraising journey and the investors backing this innovative platform.
What Is Bitwise?
Bitwise Asset Management, founded in 2017, is a prominent player in the crypto investment space. Based in San Francisco, California, the company specializes in crypto index funds and ETFs, offering a range of products to cater to various investor needs.
With a team of over 140 experts, Bitwise provides professionally managed exposure to more than 20 different crypto assets. The company operates in the blockchain, cryptocurrency, financial services, and software industries, serving individuals, investment managers, and institutions navigating the cryptocurrency market.
How Much Funding Has Bitwise Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Avichal Garg
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial product offerings.
- Seed Round
- Amount Raised: USD 4,000,000
- Date: December 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A Round
- Amount Raised: USD 10,500,000
- Date: May 2019
- Lead Investors: Highlight Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B Round
- Amount Raised: USD 70,000,000
- Date: June 2021
- Lead Investors: Elad Gil, Electric Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and develop new investment products.
- Series Unknown Round
- Amount Raised: USD 70,000,000
- Date: February 2025
- Lead Investors: Electric Capital, ParaFi Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial position and expand investment capabilities and client services.
Total Amount Raised: USD 154,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Electric Capital
- Details: Electric Capital is a venture capital firm that focuses on investing in blockchain technology and cryptocurrency projects. They have been involved in multiple funding rounds for Bitwise, showcasing their commitment to the crypto space.
- Investment Focus Areas: Blockchain, Cryptocurrency, Financial Services, Software
- Notable Investments: Various blockchain startups and cryptocurrency projects
- ParaFi Capital
- Details: ParaFi Capital is an investment firm specializing in blockchain and decentralized finance (DeFi). They have participated in several funding rounds for Bitwise, indicating their strong interest in the crypto asset management sector.
- Investment Focus Areas: Blockchain, Cryptocurrency, Financial Services, Software
- Notable Investments: DeFi projects and blockchain technology companies
- Elad Gil
- Details: Elad Gil is a prominent investor and entrepreneur known for his investments in technology startups. He has been a key investor in Bitwise, contributing to their Series B funding round.
- Investment Focus Areas: Technology startups
- Notable Investments: Not specified
- Highlight Capital
- Details: Highlight Capital is a venture capital firm that focuses on early-stage investments in technology and healthcare sectors. They led the Series A funding round for Bitwise.
- Investment Focus Areas: Technology, Healthcare
- Notable Investments: Early-stage technology companies
- Avichal Garg
- Details: Avichal Garg is an investor and entrepreneur with a background in technology and startups. He was a lead investor in Bitwise's pre-seed round, helping to establish the company.
- Investment Focus Areas: Technology startups
- Notable Investments: Not specified
What's Next for Bitwise?
Bitwise is poised for significant growth, with opportunities to expand its investment capabilities and client services. Managing over $12 billion in client assets and offering 32 investment products, the company plans to increase its workforce to over 130 employees. This expansion is driven by the growing demand for cryptocurrency investment opportunities and the increasing recognition of crypto as a legitimate asset class.
Future fundraising opportunities appear promising, given the recent successful $70 million funding round. This influx of capital will support Bitwise's ongoing development and scaling efforts, potentially attracting further investments. The company aims to enhance its product offerings and strengthen its market presence, positioning itself as a leading crypto asset manager.
However, Bitwise may face challenges such as navigating regulatory uncertainties, maintaining growth momentum, and managing the rapid increase in client assets. Competition from other firms in the cryptocurrency investment space and the need to scale operations effectively are additional hurdles. Despite these challenges, Bitwise's strategic plans and strong investor backing suggest a bright future ahead.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Bitwise and gather other critical business insights. Sign up for free to enhance your sales strategies and stay ahead in the competitive market.
