Bitwise Asset Management is expanding its push into onchain yield, with plans to acquire institutional crypto staking firm Chorus One, according to a report by Bloomberg.
The deal, which has not yet been publicly priced, would bring one of the largest independent staking operators under Bitwise’s umbrella at a time when demand for yield-generating crypto products is accelerating across both retail and institutional markets.
A strategic bet on staking infrastructure
Chorus One operates staking infrastructure for multiple proof-of-stake blockchain networks and currently secures about $2.2 billion in staked digital assets, based on figures published on its website. By absorbing Chorus One, Bitwise would move beyond portfolio management and ETFs into core blockchain services that generate recurring, protocol-level income.
Neither Bitwise Asset Management nor Chorus One disclosed financial terms. Bloomberg said both firms confirmed the transaction, but did not provide a timeline for completion. Requests for comment had not been answered at the time of publication.
Ethereum staking demand reshapes the market
The reported acquisition comes as staking activity on Ethereum reaches new highs. Network data shows the validator entry queue has grown to more than 4 million ETH, implying wait times of over 70 days to activate new validators.
Roughly 37 million ETH, representing just over 30 percent of the total supply, is now staked, supported by nearly 1 million active validators. Despite longer lock-up periods, holders appear increasingly willing to commit capital in exchange for protocol rewards, reinforcing staking’s role as a core yield mechanism in crypto markets.
Asset managers eye regulated yield products
Rising staking participation is also influencing product design among traditional financial institutions. Morgan Stanley has filed to launch a spot Ether exchange-traded fund that would stake a portion of its holdings to generate yield, according to regulatory disclosures.
Meanwhile, Grayscale is preparing to distribute staking rewards from its Ethereum Trust ETF. If approved, it would mark the first US-listed spot crypto exchange-traded product to pass through onchain staking income to investors.
These developments suggest that staking is moving from a niche blockchain activity into a regulated investment feature, increasing the strategic value of infrastructure providers like Chorus One.
Crypto dealmaking hits a new peak
Bitwise’s reported move also fits into a broader surge in crypto mergers and acquisitions. Industry data shows deal volume reached $8.6 billion across 133 transactions by November 2025, exceeding the combined total of the previous four years.
Coinbase led the consolidation wave, completing six acquisitions during the year, including its $2.9 billion purchase of Deribit. The trend reflects growing competition to control infrastructure, liquidity, and yield as the crypto market matures.
What to watch next
If completed, the Chorus One acquisition would position Bitwise closer to the plumbing of proof-of-stake networks, rather than solely at the asset management layer. Regulatory treatment of staking within ETFs, validator concentration risks, and how asset managers share onchain rewards with investors are likely to shape the next phase of growth in crypto yield products.
This report is based on information cited by Bloomberg; independent confirmation of deal terms was not available in the provided material.
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