Bitwise

Market position

Bitwise positions itself as a crypto-specialist asset manager with a track record dating to its first crypto index fund in 2017, over 70 products globally and more than $15 billion in client assets as of 2025. Its BITW is described as the first and largest crypto index fund, and its European subsidiary issues BTCE, described as the largest physical bitcoin ETP in Europe.

Exclusive focus on crypto rather than crypto as an adjunct to a broader asset management business; in-house staking operations integrated into ETP products; combination of U.S. and European regulated product lines; published research and transparency measures such as publishing blockchain addresses; and profit-sharing donations to Bitcoin and Ethereum open-source developers.

Technology

Bitwise operates in-house staking infrastructure through Bitwise Onchain Solutions, staking assets for products such as BSOL (aiming to stake 100% of assets in-house, powered by Helius) and BAVA, and provides open-source staking infrastructure deployed by the Ethereum Foundation for treasury staking. It offers non-custodial vault curation on Morpho and non-custodial staking for Starknet. European ETPs use physical (100%) replication with assets in cold-storage wallets at regulated custodians, and the firm holds ISO 27001 certification for information security management.

Go-to-market

Products are sold via regulated exchanges and brokerage platforms and distributed through financial intermediaries: Bitwise reports serving more than 5,000 wealth teams, RIAs, family offices and institutional clients in the U.S. and Europe plus more than 15 banks, broker-dealers and platforms (later stated as 5,500 clients and 21 banks and broker-dealers). It has joined the iCapital marketplace, partnered with SMA platform Eaglebrook, and rolled out crypto model portfolios with RFG Advisory and Parrot Finance. Research and education content is used to reach financial professionals.

Individual investors, financial advisors and RIAs, wealth management teams, family offices, institutional investors, and banks, broker-dealers and investment platforms in the U.S. and Europe.

Geography

Offices in San Francisco, New York and London; products distributed in the U.S. (NYSE, NYSE Arca, Cboe BZX) and across Europe and the UK through Bitwise Europe, with listings including Xetra and SIX Swiss Exchange.

History

Bitwise launched its first crypto index fund in 2017 and subsequently expanded into ETPs, listing its first U.S. spot bitcoin ETF (BITB) in January 2024 and a spot ethereum ETF (ETHW) — described as its seventh ETP since 2021 — later that year. It expanded into Europe by acquiring ETC Group, issuer of the European physical bitcoin ETP BTCE, now operating as Bitwise Europe. It acquired institutional Ethereum staking provider Attestant and launched Bitwise Onchain Solutions, and in February 2026 acquired staking infrastructure provider Chorus One. Client assets grew more than 10x during 2024 to over $12 billion, crossed $5 billion in AUM in 2024 (up 400%), and surpassed $15 billion in 2025. Product expansion continued through 2025-2026 with Solana staking, XRP, Dogecoin, Chainlink, Hyperliquid and Avalanche products, an option income ETF suite, model portfolios, and a first tokenized fund with Superstate.

Risks & controversies

Bitwise's product disclosures note that its ETPs are not registered under the Investment Company Act of 1940, are not suitable for all investors, and carry a high degree of risk, significant volatility and the potential for complete loss. Several European ETPs showed sharply negative year-to-date NAV performance (e.g., Aptos Staking ETP -69.32%). The firm has publicly stated it has no affiliation with the unrelated, now-liquidated Bitwise Industries.