Crypto asset manager Bitwise has acquired staking services company Chorus One, a move that could significantly expand Bitwise's portfolio of crypto staking products. Chorus One currently oversees more than $2.2 billion in staked assets. This acquisition brings 50 Chorus One employees to Bitwise Onchain Solutions, where billions in crypto assets are already staked.
The deal positions Bitwise to diversify its exchange-traded product range, potentially including more staking-focused offerings. Staking allows crypto holders to earn rewards, typically between 2% and 10% annually, by locking tokens on a blockchain. This provides investors with an additional yield alongside potential token appreciation.
The acquisition expands Bitwise’s staking capabilities across over 30 proof-of-stake chains, including major networks like Solana, Avalanche, and Tezos. Chorus One, a staking infrastructure provider since 2018, serves a diverse clientele of finance firms, family offices, and institutional investors. Chorus One CEO Brian Crain will join Bitwise in an advisory capacity.
With this integration, Bitwise nearly doubles its employee count to 200 worldwide, managing crypto exchange-traded products for thousands of clients. As of February, Bitwise managed over $15 billion in assets across more than 40 investment products, including its prominent Bitcoin ETF (BITB) and Ethereum ETF (ETHW).