Bitwise Asset Management, known for its spot Bitcoin exchange-traded funds (ETFs), is expanding into Ethereum staking through its acquisition of staking service provider Attestant, Bloomberg reported on Nov. 13.
According to Bloomberg, Bitwise has acquired an Ethereum staking service provider called Attestant to expand beyond its core businesses in the crypto space. Attestant handles $3.7 billion in assets for institutions outside the United States looking to engage in Ether (ETH) staking.
The deal, with terms undisclosed, brings Attestant’s team of 11 into Bitwise and marks a new venture for the Bitcoin ETF provider.
Bitwise CEO Hunter Horsley called the move a “new chapter,” adding that clients now expect firms to provide broad capabilities at scale.
Bitwise offers staking ETP
The move follows Bitwise’s increased interest in offering products and services related to crypto staking. On Nov. 12, Bitwise announced a staking exchange-traded product (ETP) for Aptos (APT) tokens.
Called the Bitwise Aptos Staking ETP (APTB), the product will be listed on the Six Swiss Exchange on Nov. 19.
The ETP, backed by the underlying token, aims to generate approximately 4.7% of net fees directly accumulated within the ETP. APTB marks Bitwise’s second product in its European Total Return suite, which includes an Ether staking ETP.
Staking a major selling point for Ethereum
In a previous Cointelegraph interview, Attestant’s chief business officer, Steve Berryman, said staking is a major selling point for Ethereum. Berryman said that staking would allow ETF investors to earn about 4% per year by having exposure to ETH through a fund.
ETF issuers attempted to add staking to their products, but the United States Securities and Exchange Commission rejected the proposal. Berryman explained that the exclusion of staking from ETFs was a required sacrifice at the time but believes it could be introduced in the future.
“It makes a lot of sense to introduce staking at some point. If you’re going to hold Ethereum, then why wouldn’t you also stake it?” Berryman said.
Magazine: Real life yield farming: How tokenization is transforming lives in Africa
