Bitwise Crosses $5 Billion in AUM, Up 400% in 2024; Appoints Luis Berruga as Advisor

On the heels of its recent acquisition of ETC Group, Bitwise announces the addition of ETF industry leader Luis Berruga as a strategic advisor to the firm

Leading crypto asset manager Bitwise Asset Management announced today that the company recently surpassed $5 billion in assets under management across its suite of beta and alpha investment products. New and existing investors have made 2024 a breakout year for Bitwise, with several key milestones for the firm:

• The January launch of Bitwise’s first spot Bitcoin ETP, which became one of the 25 fastest-growing ETPs in history on its way to more than $2.7 billion in assets today¹;
• The July launch of the firm’s first spot Ethereum ETP, which has attracted more than $300 million in inflows in its first three months;
• The August acquisition of London-based ETC Group, issuer of the largest physical Bitcoin ETP in Europe.

Today, the Bitwise suite includes the world’s largest crypto index fund, a leading thematic equity ETF, leading spot crypto ETPs, multi-strategy alpha solutions, separately managed accounts, and private funds. Its European platform, meanwhile, features nine crypto ETPs investing in assets ranging from Bitcoin and Ethereum to XRP and Solana.

In addition to the $5 billion milestone, Bitwise today announced the recent appointment of longtime ETF industry leader Luis Berruga as an advisor. Berruga, the founder and managing partner of boutique investment firm LBS Capital, was CEO of ETF provider Global X during a period in which the firm increased its assets from $8 billion to nearly $40 billion and became a leading global ETF powerhouse. In his role, Berruga will advise Bitwise on strategic partnerships, global distribution, and mergers and acquisitions.

“This year, investors have trusted Bitwise to manage billions of dollars of investments in Bitcoin and crypto. We’re grateful for the trust they’ve placed in us as we continue to build Bitwise to be a best-in-class institution that they can rely on to access this space,” said Bitwise CEO Hunter Horsley. “I’m delighted to have Luis join as an advisor at this exciting juncture for Bitwise. Luis has the nearly unparalleled experience of pioneering the thematic equity category and scaling a new, enduring asset manager over the last decade. It’s a privilege to have his guidance as we work to do the same.”

“Bitcoin and public blockchains are a transformative new alternative asset class, with unique challenges and opportunities,” said Berruga. “As one of the top crypto specialists, Bitwise has assembled an unbelievably talented team with an impeccable track record of serving clients. 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.”

About Bitwise

Bitwise Asset Management is a leading crypto specialist asset manager serving clients in the U.S. and Europe. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For seven years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. The company is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 80 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium, ETF.com, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco, New York, and London. For more information, visit www.bitwiseinvestments.com.

About LBS Capital

LBS Capital is a boutique investment firm and advisory business that partners with a select group of C-level executives in the wealth and asset management industry. Specializing in ETFs and corporate governance, the firm offers pragmatic advice to help asset management firms achieve sustainable long-term growth.

Risks and Important Information

No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.

Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.

Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.

Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.

The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.

¹ of October 14, 2024.

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