Bitwise Rides Out Bear Market with $1.8B in New Investments

Bitwise Asset Management reported that it took in over $1.8 billion of new money in the first half of this year, despite a bear market. This achievement was praised by Tom Lee, co-founder and head of research at Fundstrat Global Advisors.

The funds were invested across four Bitwise product lines: ETFs and ETPs, private strategies, staking, and vaults. Three of these lines pay investors an income instead of tracking the price of cryptocurrencies.

One of these income-paying products is the vault, which targets a 6% annual yield on stablecoins. The tokenized Crypto Carry Fund has yielded 4%, buying crypto and selling futures against it to keep the gap.

The staking product drew in money quickly, with Bitwise's Solana staking fund reaching $500 million just 18 days after listing last November. This is a trend being followed by other companies now rushing to put Ethereum yield in ETPs.