Crypto-focused robo-adviser Stacked raises $35 million

The automated digital-currency investment service Stacked raised $35 million following a Series A financing round. It was led by Alameda Research and Mirana Ventures, The Block reports.

The round also included Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures and Jump Capital.

In June, SEC approved Stacked’s work as a registered investment adviser (RIA).

The Chicago-based startup aims to expand its headcount from 40 to 100 and fully roll out the mobile app’s functionality over the next six months.

According to the company, through the so-called ‘stacks’, ready-made portfolios of digital assets, in 2021 the firm processed more than $10 billion in crypto transactions for ‘tens of thousands of investors’.

Stacked implements this capability by connecting to one of the Bitcoin exchange partners.

The company set a target for 2022 to grow client assets from more than $100 million to $1 billion.

In July, the US robo-adviser Wealthfront, with assets of about $25 billion opened access for clients to Grayscale Investments’ crypto funds.

In December, investment adviser Ritholtz Wealth Management and asset manager WisdomTree Investments announced the launch of a crypto index. This structure could be recommended by investment advisers through the onRamp platform.

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