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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