As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find this news about Bitwise’s acquisition of Attestant particularly intriguing. The expansion into Ethereum staking services signals not just a broadening of horizons for Bitwise but also a maturing of the crypto industry as a whole.
Bitwise, a company specializing in crypto asset management, has taken over an Ethereum staking service as part of an effort to diversify the investment options it provides, going beyond its primary area of operation.
According to Bloomberg, Bitwise, a firm that manages cryptocurrency index funds, has broadened its investment options by purchasing Attestant – a company providing non-custodial Ethereum staking services.
According to a report, the specifics of the financial agreement are not revealed, but the London-based asset management firm manages approximately $3.7 billion for institutional investors. As per sources, the 11-member Attestant team is set to join Bitwise post-acquisition, resulting in Bitwise overseeing more than $10 billion in client assets.
Hunter Horsley, CEO of Bitwise, conveyed to Bloomberg that the deal signifies a “new era of growth and development” in this sector. He further explained that this stage will prove particularly beneficial for clients who require firms to achieve a specific size and provide comprehensive services.
Approximately 20% of Bitwise’s clients are presently staking their coins for income, but it is anticipated that the majority will start doing so within a few years as suggested by Horsley. Data from Staking Rewards indicates that staked Ethereum generates an annual return of around 3.43%, with about one-third of all Ether in circulation, worth approximately $112 billion, now being staked.
Currently, I’m observing that Ethereum is encountering a hurdle around the price point of $3,438, with it trading at $3,126 as we speak and having dipped 35% from its record high of $4,891 achieved in November 2021.
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2024-11-13 10:01