Bitwise Asset Management has experienced explosive growth in 2024, marking a pivotal year with a 400% surge in assets under management (AUM). This impressive milestone follows the strategic appointment of Luis Berruga as an advisor, which has helped drive the company toward becoming a leading institutional player in the crypto asset space.
New Products And Strategic Acquisitions Propel Bitwise
The foundation of Bitwise’s success lies in its product expansion and strategic moves this year. In January, the company launched its first spot Bitcoin exchange-traded product (ETP), which rapidly became one of the 25 fastest-growing ETPs in history, contributing to Bitwise’s overall AUM of over $2.7 billion.
Building on this momentum, Bitwise introduced its spot Ethereum ETP in July. Within three months of launch, the product attracted over $300 million in inflows, reflecting strong market interest and trust from institutional investors.
In August, Bitwise made headlines with the acquisition of ETC Group, a London-based issuer known for managing the largest physical Bitcoin ETP in Europe. This acquisition further solidified Bitwise’s market presence, diversifying its offerings across several high-demand areas, including crypto index funds, thematic equity ETFs, and multi-strategy investment solutions.
“We’re grateful for the trust investors have placed in us as we build Bitwise into a best-in-class institution for accessing the evolving crypto landscape,” said Bitwise CEO Hunter Horsley.
$5 Billion AUM Milestone and Berruga’s Strategic Impact
The surge to $5 billion in AUM coincided with the appointment of Luis Berruga, a well-known leader in the ETF industry, as a strategic advisor. Berruga’s extensive experience in scaling ETF businesses has positioned Bitwise to take bold strides toward its future growth ambitions.
“Luis has the unparalleled experience of pioneering the thematic equity category and building a global ETF powerhouse,” Horsley remarked, emphasizing the significance of Berruga’s involvement.
Berruga previously served as CEO of Global X, where he led the firm’s growth from $8 billion to nearly $40 billion in AUM. His wealth of knowledge in asset management will guide Bitwise’s strategy as it aims to become a top-tier institutional player for the “next 100 years of the internet age.”
“I’m thrilled to support Hunter and the executive team as they scale Bitwise into one of the world’s leading asset managers,” Berruga added.
Also Read: Bitwise’s XRP ETF Filing Sparks 8-Month High In Transaction Volume Amid Regulatory Uncertainty
Road to $20 Billion – What’s Next for Bitwise?
With a strong foundation laid in 2024, crypto analysts believe Bitwise could hit $20 billion in AUM by 2026. The company’s focus on innovative products, acquisitions, and top-tier talent positions it as a major contender in the evolving digital asset industry.
As Bitwise continues expanding its suite of investment products, the firm is poised to attract even more institutional capital, helping shape the future of the crypto economy.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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