30s Summary

Bitwise Asset Management, known for its Bitcoin ETFs, is moving into Ethereum staking with the acquisition of staking service Attestant, which oversees about $3.7 billion of Ether staking for non-US firms. Bitwise’s 11-member team will now join Bitwise. The deal coincided with Bitwise’s launch of a staking exchange-traded product (ETP) for Aptos (APT) tokens called Bitwise Aptos Staking ETP (APTB). This recently announced ETP will debut on the Six Swiss Exchange on November 19. It’s Bitwise’s second offering in the European Total Return suite, which also features an Ether staking ETP.

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Bitwise Asset Management, a well-known company for their Bitcoin exchange-traded funds (ETFs), is venturing into Ethereum staking by buying a staking service named Attestant, as per a recent report by Bloomberg. Attestant manages about $3.7 billion for companies outside the US that are into staking Ether (ETH).

The details of this deal are a little hazy but Attestant’s team of 11 members will now be part of Bitwise. The CEO of Bitwise, Hunter Horsley, is excited for this fresh start and asserts that clients should expect diverse services at a large scale.

Bitwise recently revealed its growing interest in crypto staking related services and products. Just a day before this announcement, Bitwise introduced a staking exchange-traded product (ETP) for Aptos (APT) tokens named Bitwise Aptos Staking ETP (APTB). This product will show up on the Six Swiss Exchange on 19th November.

Backed by the token itself, the ETP aims to net about 4.7% of fees directly accumulated within the ETP. Something significant here is APTB marks Bitwise’s second in the European Total Return suite, inclusive of an Ether staking ETP.

Ethereum staking is a big allure, especially for Attestant’s chief business officer Steve Berryman. In a recent interview, he mentioned how staking allows ETF investors to potentially earn around 4% every year with exposure to ETH through a fund. He disclosed that while there were attempts to add staking to their products, the United States Securities and Exchange Commission didn’t agree to this. Berryman suggests this was a sacrifice needed at the time, but there are hopes for staking to be introduced in the future. He points out, “If you’re going to hold Ethereum, then why wouldn’t you also stake it?”