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crypto asset manager Bitwise has acquired an ethereum staking service to expand its portfolio offering beyond its core business.
Cryptocurrency index fund manager Bitwise has expanded its portfolio with the acquisition of Attestant, a non-custodial ethereum (eth) staking service, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-13/crypto-etf-provider-bitwise-buys-ether-staking-service-attestant” target=”_blank” rel=”nofollow”>has learned.
While the financial details of the deal remain undisclosed, the London-based betting firm manages around $3.7 billion in assets for institutional investors, the report said. The 11-member Attestant team will join Bitwise following the acquisition, sources close to the matter told Bloomberg. With this addition, Bitwise will manage more than $10 billion in client assets.
Bitwise CEO Hunter Horsley told Bloomberg that the deal reflects a “new chapter of the maturation of this space,” adding that the new chapter will be “more useful to customers who want it to be at a certain scale and that offers extensive capabilities.
Currently, one in five Bitwise customers are looking to stake their coins for yield, but most are expected to do so within a few years, according to Horsley. Staked ethereum earns a 3.43% annual return, with nearly a third of all eth in circulation, valued at $112 billion, now staked, according to data from Sating Rewards.
Meanwhile, ethereum, however, faces resistance at $3,438, trading at $3,126 at press time and down 35% from its all-time high of $4,891 reached in November 2021.
