Key Takeaways
- Bitwise acquires ETC Group, adding $1 billion in assets and nine European-listed crypto ETPs.
- Acquisition increases Bitwise’s total assets under management to over $4.5 billion.
Bitwise Asset Management has acquired ETC Group, a London-based crypto exchange-traded product (ETP) issuer with over $1 billion in assets under management. According to their announcement, this acquisition marks Bitwise’s entry into the European market and adds nine European-listed crypto ETPs to its portfolio.
ETC Group’s suite includes the largest and most traded physical Bitcoin ETP (BTCE), as well as ETPs for Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP), and the MSCI Digital Assets Select 20 (DA20).
These physically-backed products will be rebranded under the Bitwise name in the coming months.
“Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specialized in this fast-growing asset class,” stated Hunter Horsley, Bitwise’s CEO. “This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs.”
Notably, the acquisition increases Bitwise’s total assets under management to over $4.5 billion. Additionally, this follows the launch of Bitwise’s spot Bitcoin ETP, the Bitwise Bitcoin ETF (BITB), in January, which has surpassed $2 billion in assets.
In July, the company introduced the Bitwise Ethereum ETF (ETHW), accumulating more than $300 million in assets within weeks.
“We think Bitwise is building the best-of-breed firm for this new asset class and have proven their professionalism and leadership over many years,” expressed ETC Group co-founder Bradley Duke.
Bitwise plans to strategically expand the existing ETC Group platform in Europe, building on its six-year track record of investment products and education in the crypto sector.
Source: https://cryptobriefing.com/bitwise-european-expansion-acquisition/