With the acquisition of Chorus One, a staking services provider that manages over $2.2 billion in staked assets, cryptocurrency asset management firm Bitwise may be able to widen the range of crypto staking products it offers.
50 employees of Chorus One will join Bitwise Onchain Solutions, which already has several billions of dollars’ worth of cryptocurrency assets pledged, Bitwise announced on Tuesday.
The Securities and Exchange Commission has allowed a wider range of cryptocurrency investment products, with the help of which Bitwise may expand its line of exchange-traded products through the acquisition, including staking.
By locking their tokens on a blockchain, staking enables cryptocurrency holders to earn rewards that usually range from 2% to 10% annually, which provides investors with an additional return on top of the token’s potential price growth.
The size of the acquisition deal was not shared. Bitwise did not immediately respond to a request for comment.
The Chorus One deal expands Bitwise’s staking capabilities on more than 30 proof-of-stake chains, including Solana, Hyperliquid, Monad, Avalanche, Sui, Aptos and Tezos.
Chorus One has provided crypto staking infrastructure services since 2018 for finance firms, family offices, high-net-worth individuals, custodians, funds, exchanges and decentralised protocols.
Bitwise said the Chorus One team would join Bitwise, including Chorus One CEO Brian Crain, who will take on an advisory role.
Bitwise now has nearly 200 employees worldwide managing crypto exchange-traded products for its thousands of clients.
As of February, Bitwise has over $15 billion in assets under management across more than 40 investment products.
Its flagship products are the Bitwise Bitcoin ETF (BITB) and the Bitwise Ethereum ETF (ETHW), which have accumulated over $2 billion and $387 million worth of flows since launching in January and July of 2024, respectively.
Its other products include the Bitwise Solana Staking ETF (BSOL), the Bitwise XRP ETF (XRP), the Bitwise Chainlink ETF (CLNK) and the Bitwise Dogecoin ETF (BWOW) tokens.
You need to login in order to Like
Leave a comment