Bitwise Asset Management, a provider of cryptocurrency indexes for professional investors, has accumulated over $100 million in assets under its management.
The current value is a record for Bitwise and reflects increased demand for Its products from hedge funds, financial advisers and family wealth management companies, according to a press release published today.
The recipient of a significant part of the new investment was the multi-active Bitwise 10 Crypto Index Fund based on bitcoin, Ethereum, Litecoin and other major cryptocurrencies. Historically, they account for more than 80% of the capitalization of the entire crypto market, Bitwise notes.
"We are reaping the benefits of two years of infrastructure construction in this space. It is not surprising that we are reaching multi-year highs, " said Bitwise investment Director Matt Hogan.
The growth of assets under the company's management is observed along with an increase in the participation of institutional investors in the cryptocurrency space. Recently, several public companies, including MicroStrategy and Square, have announced the purchase of bitcoin as a reserve asset.
"This has convinced many who were previously cautious to reconsider their position," said Bitwise CEO hunter HORSLEY.