Bitwise Asset Management, a leading crypto asset manager, has acquired institutional staking provider Chorus One, significantly expanding its push into cryptocurrency yield services. The financial terms of the deal were not disclosed, as reported by Bloomberg and confirmed by statements from both companies.
The acquisition adds a major staking operation to Bitwise's platform, which currently manages over $15 billion in assets globally. Chorus One provides staking services for decentralized networks and oversees $2.2 billion in staked assets. Brian Fabian Crain, CEO of Chorus One, stated that integrating staking services within a larger platform like Bitwise was a necessary step as staking becomes a central focus for digital asset holders.
This strategic move is driven by surging institutional and retail demand for on-chain yield products, particularly within the Ethereum ecosystem. Data shows the Ethereum validator entry queue has swelled to over 4 million ETH, translating to a wait time of more than 70 days. Nearly 37 million ETH, or just over 30% of its total supply, is now staked, secured by close to 1 million active validators.
The rising interest has prompted other major asset managers to integrate staking into regulated products. Morgan Stanley has filed to launch a spot Ether ETF that would stake part of its holdings, while Grayscale is preparing to distribute staking rewards from its Ethereum Trust ETF, marking the first such payout from a US-listed spot crypto ETP.
Bitwise's acquisition is part of a record-breaking wave of mergers and acquisitions in the crypto industry. In 2025 alone, M&A activity reached $8.6 billion across 133 transactions by November, surpassing the combined total of the previous four years. This deal follows other major consolidations, such as Coinbase's $2.9 billion purchase of derivatives exchange Deribit.
