Bitwise Deepens Its Crypto Ambitions With Chorus One Deal as Staking ETFs Edge Closer to Reality

Bitwise has moved decisively to strengthen its position in the rapidly evolving staking economy, acquiring Chorus One in a deal that could accelerate the arrival of more staking-enabled exchange-traded products in the United States.

Chorus One oversees more than $2.2 billion in staked assets and operates validator infrastructure across over 30 proof-of-stake blockchains. With the acquisition, roughly 50 employees from Chorus One will join Bitwise’s Onchain Solutions division, integrating technical expertise directly into the asset manager’s expanding product ecosystem. The transaction size was not disclosed.

The strategic logic is clear. As regulators show increasing openness to a broader range of crypto investment vehicles, staking has emerged as one of the most commercially attractive extensions of spot-based exchange-traded funds. By allowing token holders to earn rewards, typically ranging from 2% to 10% annually, staking introduces an income component to crypto exposure, potentially reshaping how institutional investors evaluate digital assets.

In a statement shared publicly, Bitwise CEO Hunter Horsley described staking as “one of the most compelling growth opportunities” for the firm’s client base, many of whom already hold spot crypto through exchange-traded products. His remarks underscore a broader industry recalibration: the shift from passive crypto exposure toward yield-generating structures that mirror traditional financial instruments.

The acquisition significantly expands Bitwise’s validator footprint across networks such as Solana, Avalanche, Sui and Tezos, among others. This diversification reduces concentration risk while positioning the firm to design products tied to multiple ecosystems rather than a single chain. Chorus One has operated staking infrastructure since 2018, serving financial institutions, family offices, custodians and decentralized protocols, giving Bitwise access to an established institutional pipeline.

Bitwise’s expansion comes at a moment of increasing scale. The firm now manages over $15 billion in assets across more than 40 investment products. Its flagship offerings include the Bitwise Bitcoin ETF and the Bitwise Ethereum ETF, which have drawn substantial inflows since launching in 2024. Complementing these are more specialized vehicles such as the Bitwise Solana Staking ETF and thematic funds tied to assets like XRP, Chainlink and Dogecoin.

The regulatory backdrop adds further significance. The US Securities and Exchange Commission has gradually expanded its comfort zone around crypto-linked products, and market participants increasingly speculate that staking features could eventually be incorporated into mainstream ETFs. While operational, custody and compliance complexities remain, owning a staking infrastructure provider gives Bitwise a structural advantage should policy conditions permit broader implementation.

Chorus One CEO Brian Crain will transition into an advisory role, ensuring continuity as the integration unfolds. The combined entity will employ nearly 200 people globally, blending asset management, research and validator operations under one umbrella.

In effect, Bitwise is betting that the next phase of crypto finance will not merely track prices but harness blockchain-native yield. If regulators continue to signal flexibility, the Chorus One acquisition may prove to be more than a capacity expansion. It could mark an inflection point in the evolution of staking ETFs from niche experiment to institutional staple.