Crypto asset manager Bitwise has acquired the staking services company Chorus One, which oversees more than $2.2 billion in staked assets and could help Bitwise expand its portfolio of crypto staking products.
Bitwise said on Tuesday that 50 of Chorus One’s employees will join Bitwise Onchain Solutions, where several billion dollars’ worth of crypto assets are already staked.
The acquisition could see Bitwise diversify its range of exchange-traded products, including staking, as the Securities and Exchange Commission has shown support for a broader range of crypto investment products.
Staking allows holders of crypto tokens to earn rewards, typically between 2% and 10% a year, by locking the tokens on a blockchain, providing investors with additional yield on top of potential appreciation of the underlying token.
The size of the acquisition deal was not shared. Bitwise did not immediately respond to a request for comment.
Bitwise CEO Hunter Horsley said staking remains “one of the most compelling growth opportunities” for its thousands of clients holding spot crypto assets.
Deal expands Bitwise staking to more chains
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.
Related: Bitcoin ETF sell-off is ‘purification’ of bull case, investor says
Chorus One has provided crypto staking infrastructure services since 2018 for finance firms, family offices, high-net-worth individuals, custodians, funds, exchanges and decentralized 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), Bitwise XRP ETF (XRP), the Bitwise Chainlink ETF (CLNK) and the Bitwise Dogecoin ETF (BWOW).
Magazine: DAT panic dumps 73,000 ETH, India’s crypto tax stays: Asia Express
Be the first to comment