Bitwise Asset Management, a crypto exchange-traded fund (ETF) issuer, has acquired Attestant, an Ethereum staking service, as it plans to expand outside of core businesses. Attestant provides Ethereum staking services for clients, helping them validate transactions on the Ethereum blockchain. As part of the acquisition, 11 Attestant employees will join Bitwise, bringing the crypto ETF issuer’s total management of client net assets to over $10 billion.
With one in five Bitwise clients wanting to stake their crypto to earn yields from staking, the company expects a growing demand for staking in the future. The acquisition comes as Bitwise is launching new ETFs for various cryptocurrencies, with Bitwise’s Bitcoin ETF (BITB) being the sixth largest of the dozen available to US investors, holding about $3.8 billion in assets under management.
Additionally, Bitwise spot Ethereum ETF (ETHW) has $360.58 million in assets under management. Ethereum staking offers 3.78% rewards, and nearly a third of all ETH, or $112 billion worth, has been staked. As of writing, 34,566,523 ETH is staked on the Beacon Chain. Bitwise’s move to acquire Attestant shows its commitment to expanding its services in the Ethereum staking space and providing its clients with more options to earn yields from staking.
