According to an announcement, crypto-focused segregated managed account platform Eaglebrook Advisors has raised $20 million in a Series A funding round. Castle Island Ventures and Brewer Lane Ventures led the round, which also saw investments from Gemini Frontier Fund, Avon Ventures, Jump Capital and Sybil Capital. Eaglebrook has now raised $22 million in total funding.
According to the announcement, Eaglebrook will use the new funding to improve its technology and products.
“RIAs and institutions are just beginning to engage with crypto assets and are exploring the greater role this asset class plays in portfolio building,” John Kim, founder and general partner at Brewer Lane Ventures, said in a statement. “We believe Eaglebrook Advisors, through their standard and custom crypto solutions, are extremely well positioned to capture and consolidate their leadership position in this emerging space.”
The funding announcement provided advisors a rare look at the popularity of wealth management-focused crypto investment platforms. Eaglebrook, which counts Dynasty Financial Partners, Mariner Wealth Advisors and Halbert Hargrove Global Advisors among its clients, works with more than 500 advisors and has more than $100 million in assets under management, according to the firm. It calls itself “the largest digital asset separately managed ledger platform”.
Advisor-focused cryptocurrency education and services provider Onramp Invest, which does not see itself as a competitor to Eaglebrook, declined to disclose the number of advisors on its platform, according to CEO Tyrone Ross Jr. The firm plans to disclose the number of advisors using OnRamp after the conclusion of its next funding round, he said.[Eaglebrook] Raising $20M is a great sign for the space [heating] UP.”
BITRIA, a separately managed account and digital turnkey asset management platform for advisors providing cryptocurrency services, also declined to provide the number of advisors using its platform, as well as refusing to disclose their AUM. done. According to Dave Abner, the firm’s global head of business development, the firm was recently bought by Gemini for an undisclosed amount, with the buyer planning an “end-to-end technology platform.”
“We are excited about this next step in the growth of our company,” Eaglebrook founder and CEO Christopher King said in a statement. “The support of such prominent investors is a testament to the growing trend of financial advisors incorporating bitcoin and digital assets into their portfolios of clients.”