Crypto Equities as Long-Term Investments: Key Lessons From the 2022 Bear Market

San Francisco • May 23, 2023

In recent years, many investors have embraced crypto equities as a way to gain exposure to the fast-growing crypto space. But what did the turmoil of 2022 reveal about these companies? How closely are they linked to crypto markets? What methods should investors use to properly value them? In this white paper, the Bitwise research team takes a closer look at the fundamental and market performance of these firms across bull and bear market environments, highlighting several of the most critical takeaways for investors.

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About Bitwise

Bitwise Asset Management is the largest crypto index fund manager in America. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For six years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. Bitwise is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 60 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium,, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco and New York. For more information, visit

  • Alyssa Choo

    Crypto Research Analyst
  • Matt Hougan

    Matt Hougan

    Chief Investment Officer
  • Gayatri Choudhury

    Quantitative Crypto Research Analyst
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