Bitwise, a prominent crypto asset manager, has announced the acquisition of Chorus One, a leading staking services provider. This strategic move enhances Bitwise's staking capabilities across over 30 blockchain networks, including Solana, Hyperliquid, Monad, Avalanche, and Sui. Chorus One manages more than $2.2 billion in staked assets, positioning Bitwise to potentially broaden its range of staking-related exchange-traded products.
The acquisition includes the integration of 50 Chorus One employees into Bitwise Onchain Solutions, which already manages several billion dollars in staked crypto assets. This expansion aligns with the Securities and Exchange Commission's increasing openness towards diversified crypto investment products, potentially paving the way for more innovative staking ETFs.
Staking offers crypto token holders the ability to earn annual rewards, typically ranging from 2% to 10%, by locking their tokens on a blockchain. This process provides an additional yield opportunity alongside potential token value appreciation.
While the financial specifics of the deal remain undisclosed, Bitwise CEO Hunter Horsley described staking as a significant growth area for the company's extensive client base. The acquisition enhances Bitwise’s capabilities across multiple proof-of-stake networks, including notable platforms like Aptos and Tezos.
Chorus One has been delivering crypto staking infrastructure since 2018, serving a diverse clientele that includes financial institutions, family offices, high-net-worth individuals, and decentralized protocols. Following the acquisition, Chorus One's CEO, Brian Crain, will assume an advisory role within Bitwise.
With nearly 200 employees globally, Bitwise manages a robust portfolio of crypto exchange-traded products. As of February, the company oversaw over $15 billion in assets across more than 40 investment products. Its flagship offerings, the Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW), have seen substantial inflows since their respective launches in early 2024, accumulating over $2 billion and $387 million.
Bitwise's diverse product line also features the Bitwise Solana Staking ETF (BSOL), Bitwise XRP ETF (XRP), Bitwise Chainlink ETF (CLNK), and Bitwise Dogecoin ETF (BWOW), highlighting its commitment to providing a wide array of crypto investment opportunities.