Bitwise is moving from being known mainly for crypto ETFs and ETPs to building a broader platform for staking and on‑chain yield products through the acquisition of staking provider Chorus One
Bitwise started out as a specialist in listed crypto products such as ETFs and ETPs, providing investors with regulated exposure to bitcoin, ether and broad crypto indices. In recent years, the company has gradually expanded its business with Ethereum staking, on‑chain stablecoin vaults and non-compliant services aimed at institutional investors. The acquisition of Chorus One marks a new phase in this evolution, where staking and Defi-based returns are drawn more closely into the core of the Bitwise business rather than handled by external partners.
Bitwise is currently positioning itself as a specialized asset manager for crypto, not just as an issuer of ETFs. The product range includes bitcoin and ether spot ETFs, index products, private funds and European ETPs, aimed at investors who want regulated structures rather than direct token exposure. In parallel, Bitwise has built its own on‑chain entity, Bitwise Onchain Solutions, to handle Ethereum staking and reach broader staking services across multiple proof‑of‑stake networks.
The acquisition of Chorus One fits right into this strategy. Chorus One comes in with a track record as an institutional staking provider with significant staked funds on a large number of networks. By integrating this infrastructure into Bitwise Onchain Solutions, Bitwise moves closer to a vertically integrated model where listed products, staking services and on‑chain strategies are brought together on a single platform.
For most investors, Bitwise is still synonymous with ETFs and ETPs. These products remain the main channel into the market, and the easiest way for institutions, wealth managers and platforms to gain crypto exposure. Behind the scenes, however, Bitwise has added services that go beyond mere price exposure, particularly in Ethereum staking and on‑chain returns.
Through previous acquisitions and investments in Ethereum staking, Bitwise has built professional, non-compliant services for customers who want to stake larger amounts. In addition, the company has launched non-compliant on‑chain stablecoin vaults via DeFi protocols, aiming for competitive annual interest rates of USDC, among other things, based on over‑secured lending markets. The goal is to offer institutional clients a more “fund-like” input to DeFi returns, without having to deal with technical complexity or protocol choices themselves.
Over the years, Chorus One has built staking infrastructure and analytics environments on a wide range of proof‑of‑stake chains, from Ethereum and Solana to networks in the Cosmos ecosystem. The company serves a global client base of family offices, mutual funds, exchanges, depository banks and decentralized protocols who want secure, professional staking without operating their own validators. The focus has been on operational reliability, safety and performance in a market that remains technically demanding.
In the deal, the core team of Chorus One enters Bitwise, and the business is incorporated into Bitwise Onchain Solutions. Bitwise expects the integration will strengthen the company's ability to provide staking and on‑chain services to existing ETF and fund clients, while giving Chorus One access to a larger distribution platform and more long-term capital. For investors, it could mean a closer link between owning spot crypto through Bitwise products and accessing staking or yield strategies within the same group.
The acquisition of Chorus One occurs against a backdrop of increasing consolidation in crypto infrastructure and staking. The number of mergers and acquisitions in the sector has grown markedly, and an increasingly large proportion of deals relate to staking, custody and other services that generate returns on crypto assets. The pattern is that stand-alone infrastructure providers are increasingly being acquired by larger platforms that already control distribution, total assets and regulatory relationships.
An important explanation is practical: for institutional investors, staking and on-chain returns are easier to use when delivered as part of a broader platform with products, reporting and risk management in place. The combination of exchange-traded funds, nonperforming staking and on‑chain vaults at Bitwise is one example of this trend. The acquisition of Chorus One suggests that Bitwise sees staking not as a side activity, but as a core function that should be in the same structure as ETFs, ETPs and other regulated products.
Currently, Bitwise's on‑chain initiative is mainly targeted at institutions, with high minimum stakes and a focus on non-compliant vaults rather than pure retail DeFi products. A key question going forward is how closely these services will be tied to the company's existing ETFs and ETPs, and whether regulators will open to more explicit use of staking and on‑chain returns inside listed products. Another open point is how seamlessly Chorus One's multi-chain infrastructure can be integrated into Bitwise Onchain Solutions without disrupting existing customers on either side.
If Bitwise succeeds, it bolsters the argument that staking and stablecoin returns are best delivered as features of a larger asset management platform, rather than as separate individual services. At the same time, it will increase pressure on other ETF and ETP issuers to decide whether to build, buy or partner for similar capacity in the next phase of institutional crypto adoption.