San Francisco-based crypto investment firm Bitwise Asset Management, a leading provider of index and beta funds in the crypto space, has announced that it has managed to achieve over $100 million in in assets under management (AUM).

According to Bitwise’s press release, most of the demand has been for one of the world’s first cryptoasset index funds, Bitwise 10 Crypto Index Fund, which according to its Fact Sheet “seeks to track the Bitwise 10 Large Cap Crypto Index (“Bitwise 10 Index”), which selects the 10 largest cryptoassets based on criteria, including 5-year diluted market capitalization, trade volume minimums, concentration limits, and compliance.”

Bitwise, which was founded in 2017, has several funds that serve “high net worth individuals, financial advisors, family offices, multifamily offices, investment managers, and institutions” and indexes that serve “as the benchmark for dozens of financial institutions and crypto funds.”

Matt Hougan, Chief Investment Officer for Bitwise, had this to say:

“PayPal’s decision to embrace crypto last week was groundbreaking. The challenges that historically kept professional investors on the sidelines—including regulatory concerns, custody, reputation, and understanding—are rapidly being swept aside. Meanwhile, the potential impact crypto can have on portfolios from a risk-adjusted basis, amid the current macro backdrop, is making it hard to ignore.”

And Hunter Horsley, Bitwise’s Chief Executive Officer, stated:

“When Bitwise started in 2017, most investors in the space were individuals. Today, we see the greatest demand from RIAs, financial advisors, multifamily offices, and hedge funds. The recent entrance of firms like PayPal, Square, Fidelity, CME, Nomura, Facebook, and others has convinced many who were previously cautious that it’s time to reevaluate.”

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