Bitwise Expands with Acquisition of Ethereum Staking Provider Attestant
Crypto asset manager Bitwise has just made a big jump in its offerings with the purchase of non-custodial Ethereum staking provider Attestant, headquartered in London. It marks Bitwise’s intent to finally act upon an unwavering need for institutional staking services as the digital asset landscape changes dramatically.
Bitwise Makes Latest Effort to Expand Crypto Offerings
Bitwise’s acquisition of Attestant reflects its commitment to further diversifying and enhancing its product lineup for institutional clients. With Attestant managing around $3.7 billion in assets, this deal will add 11 specialized professionals to Bitwise. Owing to the acquisition, Them AUM increases by more than $10 billion-a jump that significantly firms up its positioning within the fast-growing cryptocurrency asset management market.
This acquisition also finally equips Bitwise with the technical expertise needed to scale its staking services-a very important domain given that Ethereum staking has started gaining traction amongst institutional players. By ingesting Attestant’s team and technology, Them better positions itself to serve clients looking to stake Ethereum-a process allowing investors to return some value by supporting the network’s proof-of-stake operations.
Serving Institutional Demand for Staking Services
In fact, the growing interest of institutional investors in Ethereum staking has placed new demands on truly reliable, scalable staking solutions. According to Hunter Horsley, CEO Bitwise, about 20% of clients stake today and that will sharply increase in the coming years as staking becomes a mainstream investment strategy.
The steady yield of Ethereum staking is the attractiveness to this: today, staked Ethereum earns an annual return of 3.43%, one of the factors leading to this consistent uptick of ETH being staked. According to the latest market data from Staking Rewards, almost a third of all outstanding Ethereum is staked at a value of $112 billion, underlining the growing importance of staking in digital asset management.
Ethereum Market Context and Outlook
At $3,126, Ethereum has been trading off its November 2021 high at $4,891 and faces technical resistance at the $3,438 level. Conversely, however, this may support its price stability and overall market resilience as more investors stake their Ethereum.
Bitwise’s acquisition of Attestant represents an important moment in the maturation of the cryptocurrency space, wherein firms more broadly realize their need for a full suite of services to meet the diverse needs of clients. The deal illustrates how the crypto industry is becoming institutionalized and positions Bitwise to offer broader, more sophisticated asset management capabilities to its growing client base.
