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Crypto fund manager Bitwise grows AUM to $1B with the rising demand for digital assets from investors

The bulk of the amount comes from its Bitwise 10 Crypto Index Fund, which accounts for over 90 percent of the total AUM.

Image by WorldSpectrum from Pixabay

Sat, 27 Feb 2021, 10:39 am UTC

The crypto industry just reached a milestone as the number of cryptocurrency owners reached more than a hundred million last month. With the increased adoption of digital currencies, Bitwise also set a new record as the firm's assets under management crossed the billion-dollar mark for the first time.

Leading crypto fund manager Bitwise announced on Tuesday that it recently surpassed $1 billion in crypto assets under s management, according to Cointelegraph. The bulk of the amount comes from its Bitwise 10 Crypto Index Fund, which accounts for over 90 percent of the total AUM.

The Bitwise 10 Crypto Index Fund, which was launched in 2017, has over $900 million in AUM. It tracks an index of the 10 largest cryptos, which include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Chainlink. The total combined value of the market caps of the 10 assets included in the fund account for more than 75 percent of the total capitalization of the entire crypto market.

The industry is at a turning point in terms of crypto adoption, according to Bitwise CEO Hunter Horsley. “We're seeing accelerating demand from professional investors and financial advisors for exposure to crypto,” Horsley said in a Bitwise press release. “Professional investors value index funds because they provide exposure while delivering peace of mind that the strategy will be managed and rebalanced as the category evolves.”

The company also recently introduced a fund for investors who want exposure in the DeFi sector. Named the Bitwise DeFi Crypto Index Fund, it was launched on February 17, 2021 and is invested in crypto assets such as Uniswap, Aave, Synthetix, and Maker.

“We've been impressed with how quickly the DeFi fund has resonated with investors,” Bitwise Chief Investment Officer Matt Hougan said. “Investors find DeFi's disruptive potential both exciting and intuitive.”

In just two months, Bitwise was able to double its assets since the fourth quarter of 2020. More investors are now seeking exposure to cryptocurrencies.

Crypto.com recently revealed that the number of crypto users has reached 106 million in January. The figure represents a 15.7 percent increase from the million users in December last year. The report added that Bitcoin’s rally played a key role in increasing crypto adoption.

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