Bitwise Asset Management has announced its acquisition of ETC Group, a London-based issuer of cryptocurrency exchange-traded products (ETPs). The acquisition includes ETC Group’s portfolio of over $1 billion in assets under management. This move marks Bitwise’s entry into the European market.
Expanding to Europe
ETC Group, established in 2019, offers a range of crypto ETPs. These include the largest and most actively traded physical Bitcoin ETP, Ethereum with staking, Solana, XRP, and the MSCI Digital Assets Select 20. All products are physically backed, and the firm’s offerings will be rebranded under the Bitwise name in the near future.
With the acquisition, Bitwise’s total assets under management now exceed $4.5 billion. This transaction comes during a year of significant expansion for Bitwise. In January, the firm launched its first spot Bitcoin ETP, the Bitwise Bitcoin ETF (BITB), which has grown to over $2 billion in assets.
In July, Bitwise introduced its first spot Ethereum ETP, the Bitwise Ethereum ETF (ETHW), which has attracted more than $300 million in assets within weeks of its launch.
“This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs,” Hunter Horsley, Bitwise’s CEO commented.
“We’re proud of the reputation we have built over the last six years with advisors, institutions, and investors as a sophisticated asset manager in crypto markets, and look forward to bringing this expertise to European investors,” he added.
Crypto exchange-traded fund provider Bitwise Asset Management is buying ETC Group, a digital-assets issuer based in London, adding to a spate of deals within the ETF industry https://t.co/zoowvNarLd
— Bloomberg (@business) August 19, 2024
Enhancing Crypto Reach
Bitwise currently offers 20 products in the US market, including the world’s largest crypto index fund, a thematic equity ETF, and various multi-strategy alpha solutions. The company plans to expand ETC Group’s platform in Europe through a strategic approach.
Bitwise, founded in 2017, has a six-year history of providing professional investment products and educational resources. The firm serves a network of investment professionals and financial institutions seeking access to bitcoin and other crypto assets.
This article was written by Tareq Sikder at www.financemagnates.com.
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