Crypto asset manager Bitwise has significantly expanded its offerings by acquiring Attestant, a non-custodial Ethereum staking provider. The move marks a strategic step in broadening Bitwise’s portfolio beyond its core index fund business.
While the financial terms of the acquisition remain undisclosed, it is reported that Attestant manages approximately $3.7 billion in assets for institutional clients. The acquisition adds 11 employees from the London-based firm to Bitwise’s team, bringing the company’s total assets under management (AUM) to over $10 billion.
Hunter Horsley, CEO of Bitwise, told Bloomberg that the acquisition represents “a new chapter in the maturation of this space,” adding that it would provide clients with the scale and diverse capabilities they seek. As of now, about one in five Bitwise clients are interested in staking their assets for yield, with many more expected to do so in the near future.
Ethereum staking has become increasingly popular, offering an annual return of approximately 3.43%. Nearly a third of all Ethereum in circulation, valued at $112 billion, is currently staked, according to Staking Rewards data.
The deal comes as Ethereum faces resistance at $3,438, trading at $3,126 at press time, down nearly 35% from its all-time high of $4,891 in November 2021.
Related topics:
Understanding Crypto Swaps: A Guide to Token Exchanges in Cryptocurrency
