Gemini enters asset management with the acquisition of BITRIA

Crypto exchange Gemini on Thursday announced the acquisition of BITRIA (formerly Blockchange), a crypto portfolio management platform for financial advisors and asset managers.

Gemini strengthens its offering for professional investors

Gemini intends to combine cryptocurrency custody and exchange services with BITRIA’s portfolio management programs, allowing advisors to offset tax losses, for example. The terms of the deal were not disclosed, but it became clear that BITRIA’s team would move to Gemini as part of the acquisition. Gemini is looking to expand by strengthening its offering to professional investors.

The industry RIA is enormous, with investment advisors managing more than $110 trillion in client assets. Gemini believes billions of dollars could flow into cryptocurrencies in the coming years. The future of wealth management is in digital assets and blockchain technology. Integrating BITRIA’s technology with Gemini provides a bridge to that future, said Daniel Eyre, co-founder, and CEO of BITRIA.

What is BITRIA?

BITRIA was founded in 2017 by Daniel Eyre, Caroline Eyre, and Daniel Rothrock. Gemini and BITRIA announced a partnership in August 2020. Current Gemini and BITRIA clients will be integrated into BITRIA’s portfolio management platform, which offers rebalancing and tax-loss harvesting features. In December, 3iQ Digital Assets, Gemini, and Bitria also joined forces to offer investors a new platform for separately managed digital assets (SMA).

This is Gemini’s fifth known acquisition. The company has previously acquired NFT marketplace Nifty Gateway, crypto credit card startup Blockrize, crypto custody technology developer ShardX and decentralized prediction platform Guesser. Gemini recently raised $400 million in its first round of funding, bringing its valuation to $7.1 billion. The company is also considering going public.