Cryptocurrency-focused asset manager Bitwise has successfully raised $70 million in equity funding, led by Electric Capital and joined by investors like MassMutual, Highland Capital, Haun Ventures, and ParaFi Capital.

Bitwise aims to utilize the proceeds from this funding to enhance its balance sheet, expand its investment capabilities, and increase its workforce across its locations in San Francisco, New York, and London.

The firm is also known for issuing one of the 12 spot BTC exchange-traded funds available in the U.S., facilitating unprecedented institutional interest in bitcoin. It has subsequently launched a spot ether ETF and is gearing up to introduce a product that offers weighted exposure to both BTC and ETH.