Bitwise Valuation, Funding & Investors
Bitwise is valued at $500M as of June 2021.
Last Bitwise valuation
$500M
Series B · Jun 2021
Last Bitwise funding round
$70M
Undisclosed stage · Feb 2025
Cumulative funding Bitwise raised
$155M
across 4 funding rounds
Key investors in Bitwise
General Catalyst
Khosla Ventures
Electric Capital
Collaborative Fund
Caffeinated Capital
Highland Capital Partners
About Bitwise
Bitwise is a cryptocurrency asset manager offering investment products for retail and institutional clients. Its portfolio includes index funds tracking the top 10 or 20 digital assets, bitcoin and ethereum ETPs listed on Deutsche Börse, on-chain staking services, and separately managed accounts. The firm manages multi-strategy funds combining yield generation and alpha pursuits. Headquartered in San Francisco, California, Bitwise partners with custodians like Coinbase to provide regulated exposure since its founding in 2017.
Founded
2017
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Investment management
Valuation
$500M (Jun 2021)
Bitwise Valuation
Bitwise is currently valued at $500M, based on its Series B in June 2021.
The $70M round was led by Electric Capital.
Bitwise valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2021 | Series B | $500M |
Bitwise Funding History
Bitwise has raised a total of $155M across 4 funding rounds.
Bitwise's first fundraising round was a $4M seed round in December 2017. The most recent completed round was a $70M undisclosed-stage round in February 2025.
Bitwise funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2025 | Undisclosed stage | Electric Capital (lead); ParaFi Capital (lead); General Catalyst; MassMutual; Highland Capital Partners; Haun Ventures; MITIMCo; Nikesh Arora; Khosla Ventures; Blockchain Coinvestorsqq | $70M | - | Bitwise Asset Management, a San Francisco-based crypto-specialist asset manager founded in 2017, completed a $70 million equity funding round on February 25, 2025, led by Electric Capital with participation from ParaFi Capital, MassMutual, Highland Capital Partners, MIT Investment Management Company (MITIMCo), Haun Ventures, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Nikesh Arora, among others. The funding aims to bolster the firm's balance sheet, accelerate the buildout of its beta, alpha, and onchain investment solutions, expand headcount from over 100 to more than 130 employees, and support new product development to meet growing investor demand. Bitwise manages over $12 billion in client assets as of early 2025, reflecting more than 10x growth during 2024 across its three core business lines: beta (e.g., index funds, Bitcoin ETPs), alpha (yield and alpha strategies, multi-strategy solutions), and onchain solutions (e.g., onchain staking, separately managed accounts). The firm offers a broad suite of 32 investment solutions tailored for institutional clients, including over 5,000 wealth teams, RIAs, family offices in the U.S. and Europe, plus more than 15 banks, broker-dealers, and platforms. Bitwise positions itself as a purpose-built partner for crypto as an institutional alternative asset class, blending technology with asset management and committing to ecosystem development. The round follows a prior 2021 Series B of $70 million that valued the company at more than $500 million, co-led by Elad Gil and Electric Capital, when it managed $1.2 billion in assets. |
| Jun 2021 | Series B | Electric Capital (lead) | $70M | $500M | Bitwise Asset Management is a San Francisco-based cryptocurrency asset manager specializing in index funds, ETFs, and products covering bitcoin, ethereum, decentralized finance, and crypto-focused equity indexes, including the world’s largest crypto index fund (BITW) and the Bitwise Crypto Industry Innovators ETF (BITQ). On June 15, 2021, Bitwise completed a $70 million Series B funding round co-led by Elad Gil and Electric Capital, with participation from investors like Third Point, Willoughby Capital, Coinbase Ventures, Henry Kravis (KKR), Stanley Druckenmiller, David McCormick (Bridgewater), and others including Blockchain Capital, Castle Island Ventures, and Highland Capital. The round valued the company at $500 million (or $500 million-plus per official press release), following prior raises of $4 million seed in 2017 and $10.5 million Series A in 2019. Bitwise, already profitable as of Q1 2021, planned to use proceeds to strengthen its balance sheet, expand its organization, team, product suite, research, sales, marketing, customer service, and national buildout to grow its user base and offerings for investment professionals managing crypto and blockchain assets. At the time, assets under management (AUM) exceeded $1.2 billion in Q1 2021, growing to over $1.5 billion by May 2021, up more than 20x year-over-year, amid strong momentum including the BITQ ETF launch on NYSE. The round attracted traditional finance players, aiding Wall Street promotion. |
| May 2019 | Series A | Highlight Capital (lead); Bossa Invest | $11M | - | Bitwise Asset Management raised $10.5 million in its Series A round in May 2019, led by Highlight Capital with participation from Bossa Invest. The funding aimed to scale operations and enhance product offerings. Bitwise manages cryptocurrency index funds and pioneered products in bitcoin, ethereum, decentralized finance, and crypto-focused equity indexes. |
| Dec 2017 | Seed | General Catalyst; David King; Adam Ludwin; Blockchain Capital; Khosla Ventures; Eric Wu; Adam Nash; Collaborative Fund; Ryan Petersen; Third Point Ventures; Caffeinated Capital; Craft Ventures | $4M | - | Bitwise Asset Management raised a $4 million seed round in December 2017 from investors including Khosla Ventures, General Catalyst, Blockchain Capital, Caffeinated Capital, Collaborative Fund, Craft Ventures, Adam Ludwin, Adam Nash, David King, Eric Wu, Third Point Ventures, and Ryan Petersen. The funding supported building out the team and developing new investment products, particularly its crypto index fund. Bitwise, founded in 2017, specializes in crypto asset management, offering index funds, separately managed accounts, Bitcoin ETPs, yield strategies, and on-chain staking solutions. |
Who has invested in Bitwise?
22 investors have backed Bitwise across its funding rounds, including General Catalyst, Khosla Ventures, Electric Capital, Collaborative Fund, Caffeinated Capital and Highland Capital Partners.
Lead investors include Electric Capital, ParaFi Capital and Highlight Capital.
Bitwise Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Participant | Dec 2017 | |
| San Francisco, CA | 2 | Participant | Dec 2017 | |
| San Francisco, CA | 2 | Lead | Jun 2021 | |
| Greenwich, CT | 1 | Lead | Feb 2025 | |
| United States | 1 | Participant | Feb 2025 | |
| Lexington, KY | 1 | Participant | Feb 2025 | |
| San Francisco, CA | 1 | Participant | Feb 2025 | |
| United States | 1 | Participant | Feb 2025 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Nikesh Arora | San Jose, CA | 1 | Participant | Feb 2025 |
| Atlanta, GA | 1 | Participant | Dec 2017 | |
| Adam Ludwin | United States | 1 | Participant | Dec 2017 |
| San Francisco, CA | 1 | Participant | Dec 2017 | |
 Nanjing | 1 | Lead | May 2019 | |
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Start Free TrialAcquisitions by Bitwise
Bitwise has acquired 3 companies to date.
Last acquisition by Bitwise was on February 4th 2026. Bitwise acquired Chorus One for undisclosed valuation.
Latest Acquisitions by Bitwise
| Description | Chorus One is a Singapore-headquartered staking infrastructure provider operating validator nodes for over 30 Proof-of-Stake blockchains including Cosmos, Polkadot, and Solana. It manages delegated assets exceeding $1 billion, enabling retail and institutional investors to earn yields through non-custodial staking services. Established in 2018, the firm runs nodes in data centers across Europe and Asia for high uptime and security. | Attestant is a London-based institutional staking provider for Ethereum networks. The service offers node operation, slashing protection, and rewards optimization for validators. Supporting mainnet and testnets since 2020, Attestant manages stakes for funds and exchanges with over 99.9% uptime. | ETC Group is a Frankfurt-headquartered digital asset manager issuing physically backed ETPs on Deutsche Börse and SIX exchanges, including the world's largest Bitcoin ETP with €2.5 billion AUM. Regulated by BaFin, it serves institutional investors across Europe with Ethereum and carbon credit products since 2020. |
| HQ Country | |  |  |
| HQ City | Washington, DC | London | Frankfurt |
| Deal Date | 4 Feb 2026 | 13 Nov 2024 | 19 Aug 2024 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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Bitwise Competitors
Bitwise competitors include listed companies like United International Holding and Rhino Bitcoin, and private ones like Animoca Brands KK, C2x, Chain Reaction and Chia Network.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Fukuoka | Private | - | - | $500M | - | |
| Los Angeles, CA | Private | - | - | $500M | - | |
 Yokneam Illit | Private | - | - | $500M | - | |
| San Francisco, CA | Private | - | - | $500M | - | |
 Saudi Arabia | Publicly listed | $205M | $84M | $553M | 2.6x | |
| United States | Publicly listed | $478K | ($417K) | $594M | - |
Bitwise Public Comps
Bitwise is still privately-owned, but its public comps include Hearts and Minds, Administradora Americana de Inversiones, Brait, Testa Residencial, Qualitas, Novavest Real Estate, Kinea High Yield CRI, Tangen Industrikapital, Future Generation Global and Fidere Patrimonio Socimi.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $117M | - | (0.5x) | - | - | - | |||
| $212M | $74M | 1.8x | - | 5.2x | - | |||
| $133M | - | 5.1x | - | - | - | |||
| $127M | - | 16.1x | - | - | - | |||
| $82M | $42M | 6.0x | 5.0x | 11.8x | 9.5x | |||
| $51M | $51M | 20.2x | 20.0x | 20.2x | 20.1x | |||
| $86M | $78M | 5.9x | - | 6.5x | - | |||
| $223M | $38M | 2.1x | - | 12.0x | - | |||
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Common questions about Bitwise
| When was Bitwise founded? | Bitwise was founded in 2017. |
| Where is Bitwise headquartered? | Bitwise is headquartered in San Francisco, CA, United States. |
| Is Bitwise publicly listed? | No, Bitwise is a private, VC-backed company. |
| What is Bitwise's valuation? | Bitwise was last valued at $500M in its Series B in June 2021. |
| How much funding has Bitwise raised? | Bitwise has raised $155M across 4 funding rounds. |
| What was Bitwise's last funding round? | Bitwise's last funding round was a $70M undisclosed-stage round in February 2025, led by Electric Capital and ParaFi Capital. |
| Who are Bitwise's investors? | Bitwise's investors include General Catalyst, Khosla Ventures, Electric Capital, ParaFi Capital, MassMutual, Highland Capital Partners, Haun Ventures, MITIMCo, Nikesh Arora, David King and 12 others. |
| Which companies are comparable to Bitwise? | Companies comparable to Bitwise include Animoca Brands KK, C2x, Chain Reaction, Chia Network, United International Holding and Rhino Bitcoin. |
| How many companies has Bitwise acquired? | Bitwise has acquired 3 companies, including Chorus One, Attestant and ETC Group. |
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