Crypto manager Bitwise raises $70 million from Kravis, Druckenmiller and more

Crypto manager Bitwise raises $70 million from Kravis, Druckenmiller and more

Hunter Horsley, CEO of Bitwise Asset Administration and executives have fun the launch of an ETF on the New York Inventory Trade, June 1, 2021.
Supply: NYSE
Henry Kravis, Stanley Druckenmiller and Bridgewater CEO David McCormick have invested in Bitwise Asset Administration’s Collection B funding.
The cryptocurrency index fund supervisor raised $70 million from a handful of institutional buyers and virtually 30 people from Wall Avenue and Silicon Valley. Bitwise, now 4 years outdated, turned worthwhile this 12 months when it crossed $1.2 billion in property beneath administration on the finish of the primary quarter. A part of the motivation behind this fundraising was to convey large stakeholders within the younger firm’s journey, CEO Hunter Horsley advised CNBC.
“We needed to get among the greatest minds, buyers and backers throughout Wall Avenue and crypto concerned with the corporate as a result of we see a chance to construct an everlasting establishment,” Horsley stated.
Different new buyers embody D1 Chief Funding Officer Daniel Sundheim, former Federal Reserve Governor Kevin Warsh, Dan Loeb’s Third Level LLC, Daniel Och’s Willoughby Capital, Louis Bacon’s Moore Strategic Ventures and Paul Eisenstein’s Vetamer Capital; in addition to various present and former banking, asset administration and tech executives. Present buyers Elad Gil and Electrical Capital led the spherical. Different present…

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