As Bitwise Crypto Staking Demand Accelerates to Find Chorus One
Bitwise Asset Management is reportedly acquiring institutional staking provider ChorusOne as it expands its push into cryptocurrency product services.
As demand for onchain products continues to grow among retail and institutional investors, the acquisition adds significant functionality to the crypto asset manager's platform.
Chorus One provides services that host decentralized networks and currently has approximately $2.2 billion in assets, according to its website.
Financial terms of the deal were not disclosed, Bloomberg reported Wednesday, citing statements from both companies.
Cointelegraph reached out to Bitwise and Chorus One for comment, but did not receive a response by press time.
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Demand for Ethereum is increasing as validating queues swell.
Ethereum validator queue data has shown strong demand for a stake in Ether (ETH). The login queue has reached over 4 million ETH, with a waiting period of over 70 days.
About 37 million ETH, or more than 30% of the total supply, is now held in bounty, and nearly 1 million validators keep the network secure. This shows that many holders are choosing to lock up ETH despite the long delays.
Growing demand for stocks has prompted other major asset managers to combine production with regulated crypto products. Morgan Stanley has offered to launch a spot ether exchange-traded fund (ETF) that will partially hedge its holdings to generate passive returns. Grayscale is preparing to distribute share awards from the Ethereum Trust ETF, the first payment linked to onchain staking, a product traded on a US-listed crypto exchange.
Related: Crypto VC Activity Hits $4.6B in Q3, Second-Best Quarter After FTX Crash
Recorded Crypto M&A
Bitwise's contracts for 2025, following a surge in mergers and acquisitions in the crypto industry, reached $8.6 billion in November with 133 transactions, surpassing the total of the previous four years.
Coinbase led the wave, closing six acquisitions, including the $2.9 billion purchase of crypto derivatives exchange Deribit.
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