Total amount raised
$154.5 Millions
Latest funding date
02/01/2025
Location
Bitwise has successfully raised funds through multiple rounds, with its last funding type being "Venture - Series Unknown." The company is a crypto-specialist asset manager, offering a range of investment products including ETFs and crypto index funds.
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 in San Francisco, California, specializes in providing crypto index funds and ETFs. The company was established by Elad Gil, Hong Kim, and Hunter Horsley.
Bitwise offers a diverse range of investment products, including ETFs, publicly traded trusts, separately managed accounts, and private funds. Their solutions cater to individuals, investment managers, and institutions seeking to navigate the cryptocurrency landscape.
With a team of over 90 experts, Bitwise continues to innovate and expand its offerings, ensuring clients have access to expertly designed and professionally managed crypto investments.
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 crypto investment products.
- Seed Round
- Amount Raised: $4M
- Date: December 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and develop a broader range of crypto investment solutions.
- Series A
- Amount Raised: $10.5M
- 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
- Amount Raised: $70M
- Date: June 2021
- Lead Investors: Elad Gil, Electric Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial stability and expand investment capabilities.
- Venture Round
- Amount Raised: $70M
- Date: February 2025
- Lead Investors: Electric Capital, ParaFi Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance investment solutions, expand research capabilities, and grow the team.
Total Amount Raised: $154.5M
Current Valuation: Not publicly disclosed
Key Investors
- Electric Capital
- Details: Electric Capital is a venture capital firm that invests in cryptocurrencies, blockchain, fintech, and marketplaces.
- Investment Focus Areas: Cryptocurrencies, Blockchain, Fintech, Marketplaces
- Notable Investments: Not publicly disclosed
- ParaFi Capital
- Details: ParaFi Capital is an investment firm focused on blockchain and decentralized finance.
- Investment Focus Areas: Blockchain, Decentralized finance
- Notable Investments: Not publicly disclosed
- Elad Gil
- Details: Elad Gil is an entrepreneur and investor known for his work in technology and startups.
- Investment Focus Areas: Technology, Startups
- Notable Investments: Not publicly disclosed
- Highlight Capital
- Details: Highlight Capital is a venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Early-stage technology
- Notable Investments: Not publicly disclosed
- Avichal Garg
- Details: Avichal Garg is an entrepreneur and investor with a focus on technology and startups.
- Investment Focus Areas: Technology, Startups
- Notable Investments: Not publicly disclosed
What's Next for Bitwise?
Bitwise is poised for significant growth, driven by the increasing recognition of cryptocurrency as an established asset class. With client assets surpassing $12 billion and plans to expand its workforce to over 130 employees, the company is well-positioned to enhance its investment solutions and client services. The recent $70 million funding round will support these initiatives, allowing Bitwise to introduce new products and strengthen its market presence.
Future fundraising opportunities appear promising as Bitwise continues to attract institutional investors and expand its product offerings. However, the company must navigate regulatory challenges and market volatility to maintain its growth momentum. By leveraging its strong financial position and expanding its team, Bitwise aims to solidify its role as a leading crypto asset manager.
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