Crypto: Bitwise To Acquire Crypto Staking Company Chorus One: Report

Ethereum’s validator backlog has surged past 4 million ETH, pushing wait times beyond 70 days as more than 30% of supply is now locked in staking.

Bitwise Asset Management is reportedly acquiring institutional staking provider Chorus One, extending its push into cryptocurrency yield services.

The acquisition adds a major staking operation to the crypto asset manager’s platform as demand for onchain yield products increases among both retail and institutional investors.

Chorus One provides staking services for decentralized networks and currently has $2.2 billion in assets staked, according to its website.

The financial terms of the deal were not disclosed, Bloomberg reported on Wednesday, citing statements from both companies.

Cointelegraph reached out to Bitwise and Chorus One for comment, but had not received a response by publication.

Related: 21Shares launches first Jito staked Solana ETP in Europe

Ethereum validator queue data shows a surge in demand to stake Ether (ETH). The entry queue has swelled to more than 4 million ETH, translating into a wait time of over 70 days.

Almost 37 million ETH, or just over 30% of total supply, is now staked, with close to 1 million active validators securing the network. This suggests that more holders are choosing to lock up ETH despite long delays.

The rising interest in staking has pushed other major asset managers to integrate yield into regulated crypto products. Morgan Stanley filed to launch a spot Ether exchange-traded fund (ETF) that would stake part of its holdings to generate passive returns. Grayscale is also preparing to distribute staking rewards from its Ethereum Trust ETF, the first payout tied to onchain staking by a US-listed spot crypto exchange-traded product.

Source: CoinTelegraph