Hedge Fund Giants Druckenmiller, Loeb Back $70M Funding for Crypto Asset Manager Bitwise

Hedge Fund Giants Druckenmiller, Loeb Back $70M Funding for Crypto Asset Manager Bitwise

The Series B round values the firm at $500 million.

As reported by CoinDesk, “Bitwise Asset Management – a crypto investment firm with $1.2 billion in assets under management that is trying make inroads in the country’s $20 trillion financial advisory industry – has raised $70 million at a $500 million valuation, CoinDesk has learned.

The Series B round of funding was led by tech investor Elad Gil and crypto venture fund Electric Capital. Meanwhile, a who’s-who from the financial world also participated, including Daniel Loeb’s Third Point LLC, hedge funder Stanley Druckenmiller, financier Henry Kravis, Bridgewater Associates CEO David McCormick and Nadeem Meghji, a senior managing director at Blackstone.

Bitwise – a five-year-old firm that CEO Hunter Horsley said is now profitable – plans to further strengthen its ties with the financial advisers he says are critical to the widespread adoption of crypto. About 300,000 financial advisers oversee much of the country’s private wealth, he noted.”