Crypto asset manager Bitwise has acquired staking infrastructure firm Chorus One, which manages over $2.2 billion in staked assets. The deal brings 50 employees to Bitwise’s onchain division and expands its staking services to more than 30 blockchain networks, including Solana and Avalanche.
Bitwise announced the acquisition of staking services company Chorus One. The deal could help Bitwise expand its portfolio of crypto staking products and diversify its range of exchange-traded products.
Bitwise stated that 50 of Chorus One’s employees will join Bitwise Onchain Solutions. Several billion dollars’ worth of crypto assets are already staked within that division.
Staking allows crypto token holders to earn rewards, typically between 2% and 10% annually. This provides investors with additional yield on top of potential token appreciation.
Bitwise CEO Hunter Horsley said staking remains “one of the most compelling growth opportunities” for its thousands of clients. The acquisition expands staking capabilities on chains like Solana, Hyperliquid, Monad, Avalanche, Sui, Aptos and Tezos.
Chorus One has provided staking infrastructure services since 2018 for various clients. Its team, including CEO Brian Crain in an advisory role, will join Bitwise.
Bitwise now has nearly 200 employees worldwide managing crypto exchange-traded products. The firm reported over $15 billion in assets under management as of February 2024.
Its flagship products are the Bitwise Bitcoin ETF (BITB) and the Bitwise Ethereum ETF (ETHW). Data shows these have accumulated over $2 billion and $387 million in flows since launching in January and July 2024, respectively.
