Bitwise acquires Ethereum staking provider Attestant with $3.7b in AUM

Crypto asset manager Bitwise has acquired an Ethereum staking service to expand its portfolio offerings beyond its core business.

According to information obtained by Bloomberg, cryptocurrency index fund manager Bitwise has expanded its portfolio by purchasing Attetant, a non-custodial Ethereum (ETH) staking service.

While the financial details of the deal were not disclosed, the report states that the London-based staking firm is interested in approximately $3.7 billion in assets for institutional investors. The 11-member Attestant team will join Bitwise following the acquisition, sources familiar with the matter told Bloomberg. With this addition, Bitwise will manage over $10 billion in customer assets.

Bitwise CEO Hunter Horsley told Bloomberg that the deal reflects “a new chapter in the maturation of this space,” adding that the new chapter “will be most beneficial to customers where they want you to be at a certain scale and offer broad capabilities.”

According to Horsley, currently one in five Bitwise customers are trying to stake their coins to earn returns, but most are expected to do so within a few years. Staking Ethereum earns a 3.43% annual return, and nearly a third of all ETH in circulation is currently staked, worth $112 billion, according to Staking Rewards data.

Meanwhile, Ethereum is facing resistance at $3,438, down 35% from its record peak of $4,891 reached in November 2021, trading at $3,126 as of press time.