Bitwise Asset Management, a US-based cryptocurrency investment startup, has raised $4m in seed funding.
The fundraising was joined by Khosla Ventures’ Keith Rabois, General Catalyst’s Hemant Taneja, Blockchain Capital, David Sacks, Naval Ravikant, Suna Said, Adam Ludwin, Adam Nash, Elad Gil, and Avichal Garg.
The seed funding comes as the firm introduced a cryptocurrency index fund, called Bitwise HOLD 10 Private Index Fund.
The new fund will focus on the top 10 crypto assets by market capitalisation. The vehicle will rebalance once every month, capitalising on hard forks and airdrops.
“As cryptocurrencies become more mainstream, a private index fund, like Bitwise, is an incredibly important step to simplifying the complexities in the space and making it more accessible. The Bitwise founders have done an exceptional job bringing world-class crypto experts onto their team to create a long-lasting financial institution,” Rabois said.