Bitwise Expands Portfolio with Acquisition of Ethereum Staking Service

Crypto asset manager Bitwise has acquired Attestant, a non-custodial Ethereum staking service, to expand its portfolio offerings beyond its core business. The acquisition is part of Bitwise’s efforts to cater to the growing demand for staking services among its clients.

Deal Details and Implications

While the financial details of the deal remain undisclosed, the London-based staking firm handles about $3.7 billion in assets for institutional investors. The 11-member Attestant team will join Bitwise following the acquisition, sources close to the matter have revealed. With this addition, Bitwise will manage over $10 billion in client assets.

Bitwise chief executive Hunter Horsley views the acquisition as a “new chapter of the maturation of this space,” adding that the new chapter will be “most useful for clients they want you to be at a certain scale and to offer broad capabilities.”

Staking Demand and Ethereum Performance

Currently, one in five Bitwise clients seek to stake their coins for yield, but most are expected to do so within a few years, according to Horsley. Staked Ethereum earns an annual return of 3.43%, with nearly a third of all ETH in circulation, valued at $112 billion, now staked.

Meanwhile, Ethereum’s price has been facing resistance at $3,438, trading at $3,126 as of press time and down 35% from its record high of $4,891 reached in November 2021.

“The new chapter will be most useful for clients they want you to be at a certain scale and to offer broad capabilities.”

Key Takeaways

  • Bitwise acquires Attestant, a non-custodial Ethereum staking service, to expand its portfolio offerings.
  • The acquisition adds $3.7 billion in assets under management for institutional investors.
  • Bitwise now manages over $10 billion in client assets.
  • Staked Ethereum earns an annual return of 3.43%, with nearly a third of all ETH in circulation now staked.

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