Bitwise Plants Its Flag In ETF Staking With Chorus One Buyout
Crypto asset manager Bitwise just made one of its boldest moves yet. The company has acquired Chorus One , a staking infrastructure firm that manages more than $2.2 billion in assets across dozens of blockchain networks. The deal brings 50 Chorus One employees into Bitwise’s growing onchain division, where several billion dollars in crypto assets are already being staked by clients. Financial Terms Undisclosed Chorus One has been in the staking business since 2018. Over those years, it built a client base that includes family offices, large funds, exchanges, high-net-worth individuals, and custodians — the kind of institutional relationships that take years to earn. Its founder and CEO, Brian Crain, will stay on in an advisory role as the rest of the team folds into Bitwise Onchain Solutions. Reports say the financial terms of the deal were not made public. Bitwise did not disclose how much it paid. What is clear, though, is what the company gets out of it. The acquisition exte...