Key performance characteristics are demonstrated for the microwave superconducting quantum interference device (SQUID) multiplexer (μmux) coupled to transition edge sensor (TES) bolometers that have been optimized for cosmic microwave background (CMB) observations. In a 64-channel demonstration, we show that the μmux produces a white, input referred current noise level of 29 pA/Hz at a microwave probe tone power of −77 dB, which is well below the expected fundamental detector and photon noise sources for a ground-based CMB-optimized bolometer. Operated with negligible photon loading, we measure 98 pA/Hz in the TES-coupled channels biased at 65% of the sensor normal resistance. This noise level is consistent with that predicted from bolometer thermal fluctuation (i.e., phonon) noise. Furthermore, the power spectral density is white over a range of frequencies down to ∼100 mHz, which enables CMB mapping on large angular scales that constrain the physics of inflation. Additionally, we report cross-talk measurements that indicate a level below 0.3%, which is less than the level of cross-talk from multiplexed readout systems in deployed CMB imagers. These measurements demonstrate the μmux as a viable readout technique for future CMB imaging instruments.