Bitwise Buys Chorus One: Staking’s New King or Just a Cash Grab?

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Bitwise, the crypto asset manager that somehow convinced people to trust them with money, just pulled off a move so bold it makes me question my life choices. They bought Chorus One, a staking company that sounds like it was founded by a group of enthusiastic college students in a basement. Chorus One manages $2.2 billion across “dozens” of blockchains-by which I mean a list of names that sound like they were generated by a random word generator. The deal also brings 50 employees into Bitwise’s onchain division, where they’ll presumably stake billions of dollars while pretending to care about blockchain.

Financial Terms Undisclosed

Chorus One has been around since 2018, which is impressive because that means they’ve survived the crypto winters, the dogecoin mania, and probably a few existential crises. Their client list includes “family offices, large funds, exchanges, high-net-worth individuals, and custodians”-which is just a fancy way of saying, “We’ve got connections, but we’re still broke.” Their CEO, Brian Crain, will stay on as an advisor. Because what the world needs is another guy in a blazer giving half-baked blockchain advice.

As expected, the financial terms of the deal were not disclosed. Bitwise didn’t say how much they paid, which is the crypto version of saying, “We’re rich, but we’re too cool to tell you how rich.” It’s the financial equivalent of a mystery box sale at a garage sale.

What we do know is that Bitwise now stakes assets across 30 proof-of-stake networks. Solana, Avalanche, Sui, Aptos, Hyperliquid, Monad, Tezos-names that sound like they were invented by a committee of overpaid marketers. This isn’t just about Ethereum anymore; it’s about “the future,” which is just a fancy word for “we’re not sure what we’re doing yet.”

Staking, for those who haven’t heard, is when you lock up your crypto and pretend you’re doing something useful. In return, you get rewards-between 2% and 10% annually. That’s like getting a participation trophy for doing absolutely nothing. Congrats, you’ve earned 3% interest for letting someone else use your tokens. You’re welcome.

Why The Timing Matters

The SEC, the organization that once thought Bitcoin was a fad, is finally warming up to crypto. They’re like the uncle who shows up late to the party but insists he knew crypto was going to blow up all along. This shift has opened the door for new ETFs, including ones that might let regular investors stake their money. Bitwise is positioning itself to capitalize on this, because nothing says “trust us” like a company that buys another company just to look busy.

Bitwise CEO Hunter Horsley called staking “one of the most compelling growth opportunities.” That’s like calling a slot machine “compelling.” The company already runs 40 investment products and manages $15 billion. Their flagship ETFs-Bitcoin and Ethereum-have taken in $2 billion and $387 million since 2024. That’s impressive, unless you’re me, and I’m just here trying to figure out why I still have $5 left in my bank account.

Room To Grow

With nearly 200 employees now, Bitwise is spreading out beyond its core ETFs. They’ve got ETFs for Solana, XRP, Chainlink, and even Dogecoin. Because nothing says “financial expertise” like betting on a dog. The Chorus One deal adds staking “muscle” to their product shelf. By which I mean, they’re now even more of a crypto jack-of-all-trades, master of none.

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2026-02-26 06:27