Bitwise surpasses $5B in AUM with Bitcoin ETF contributing over $2.7B

Crypto index fund manager Bitwise has surpassed $5 billion in assets under management (AUM) across its suite of beta and alpha investment products, thanks to existing and new investors.

According to the company, this represents a surge of 400% this year, following Luis Berruga’s appointment as a strategic advisor to the company.

This year alone, the company has reportedly recorded significant milestones that have helped buoy its growth.

Bitwise experienced exponential growth, thanks to new products

For Bitwise, 2024 has been good so far, which has seen the company record growth. For example, Bitwise in January launched its first spot Bitcoin ETP, which subsequently grew to be one of the 25 fastest-growing ETPs in the history of its over $2.7 billion assets.

During the second half of the year, the company launched its second spot Ethereum ETP.  According to details from Bitwise, the spot Ethereum ETP which was launched in July attracted more than $300 million in inflows during its first three months.

In August, the company acquired ETC Group, which is a London-based issuer of the largest physical Bitcoin ETP in Europe.

Resultantly, Bitwise suite now includes the world’s largest crypto index fund, a leading thematic equity ETF, leading to spot crypto ETPs, “multi-strategy alpha solutions, separately managed accounts, and private funds.”

“This year, investors have trusted Bitwise to manage billions of dollars of investments in Bitcoin and crypto.”

Bitwise CEO Hunter Horsley.

“We’re grateful for the trust they’ve placed in us as we continue to build Bitwise to be a best-in-class institution they can rely on to access this space,” added the chief executive in a statement.

Beginning of this month, Bitwise filed for a spot XRP ETF exchange in Delaware.

Bitwise recently surpassed $5B in assets. We couldn’t be more grateful to our clients and friends.

From all of the team here at Bitwise, thank you.

(Full press release below.) pic.twitter.com/Iujj0NzjLM

— Bitwise (@BitwiseInvest) October 15, 2024

The $5bn mark coincides with the appointment of a strategic advisor

Commenting on the announcement, some crypto enthusiasts described this “great” news while others projected it would be easy to reach “$20 billion in AUM by 2026.”

The development comes when the company announced the appointment of a longtime ETF industry leader Berruga. Commenting on Berruga’s appointment, Horsely said this was a welcome development and a privilege to the company.

“Luis has the nearly unparalleled experience of pioneering the thematic equity category and scaling a new, enduring asset manager over the last decade,” he said.

Berruga is the founder and managing partner of a boutique investment firm LBS Capital and was the chief executive of ETF provider Global X during a period in which the firm increased its assets to almost $40 billion from $8 billion, becoming a global ETF powerhouse.

Commenting on his appointment, Berruga said: “I’m thrilled to support Hunter and the executive team as they continue to scale, guiding Bitwise to become one of the top institutional asset managers for the next 100 years of the internet age.”

At Bitwise, Berruga will advise on strategic partnerships, global distribution, and mergers and acquisitions.