Bitwise Expands Its Reach With Acquisition of Ethereum Staking Service Attestant

Bitwise Asset Management has made a significant move in the cryptocurrency space by acquiring Attestant Limited, a leading Ethereum staking service provider. This acquisition not only enhances Bitwise's offerings but also boosts its total assets under management (AUM) to over $10 billion, reflecting the growing interest in Ethereum staking among institutional investors.

Key Takeaways

• Bitwise acquires Attestant, increasing AUM to over $10 billion.

• Attestant manages $3.7 billion in staked Ethereum assets.

• The acquisition aims to enhance Bitwise's Ethereum staking services and product offerings.

• Bitwise OS will offer professional non-custodial staking services with a minimum stake of $10 million.

Strategic Acquisition

The acquisition of Attestant is part of Bitwise's strategy to deepen its service offerings for high-net-worth and institutional clients. Established in 2019, Attestant has built a reputation for its technical rigor and compliance standards, making it a valuable addition to Bitwise's portfolio. The firm’s expertise in Ethereum staking aligns with Bitwise's goal of providing secure and scalable digital asset solutions.

Enhancing Ethereum Staking Services

With the integration of Attestant, Bitwise plans to launch a new division called Bitwise Onchain Solutions (Bitwise OS). This division will focus on:

• Professional Non-Custodial Staking Services: Allowing clients to stake their Ethereum securely.

• Hedge Fund Solutions: Expanding investment strategies for institutional clients.

• Exchange-Traded Products (ETPs): Introducing new products that cater to the growing demand for staking.

The initial offering will require a minimum stake of $10 million, targeting institutional investors looking for yield-generating opportunities in the Ethereum ecosystem.

Market Implications

The acquisition comes at a time when Ethereum staking is gaining traction, especially following Ethereum's transition to a proof-of-stake model. Currently, over 35 million ETH, valued at more than $100 billion, have been staked, indicating robust demand for staking services. Bitwise's move is expected to further stimulate interest in Ethereum as an investment vehicle, particularly among institutional investors seeking alternatives to traditional assets.

Future Prospects

Bitwise's acquisition of Attestant is poised to enhance the Ethereum staking landscape significantly. The firm aims to explore staking services for additional protocols while continuing to contribute to open-source projects. This strategic expansion not only positions Bitwise as a leader in the digital asset investment sector but also reflects the growing importance of staking in the broader cryptocurrency market.

As the Ethereum ecosystem continues to evolve, Bitwise's actions may encourage other asset managers to consider staking as a viable component of their service offerings, potentially reshaping the investment landscape in the crypto space.

Sources

• Bitwise Acquires Attestant in Expanding Ethereum Staking Push - Decrypt, Decrypt.

• Bitwise acquires Ethereum staking service Attestant, boosting AUM to $10 billion, CryptoSlate.

• Bitwise acquires Ethereum staking provider Attestant - FX News Group, FX News Group.

• Bitwise Acquires Attestant, Ethereum (ETH) Staking Platform, thus Reaching $10B in AUM | Coinspeaker, Coinspeaker.

• Bitwise expands services into Ethereum staking with Attestant acquisition, Traders Union.