Bitwise Asset Management has taken a bold step into the European market by acquiring ETC Group, a London-based provider of cryptocurrency exchange-traded products (ETPs). This strategic move increases Bitwise’s assets under management to over $4.5 billion, adding nine European-listed crypto ETPs to its expanding portfolio.
Bitwise Expands European Presence Through Acquisition of ETC Group
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Bitwise Enters European Market by Acquiring ETC Group, Boosting Crypto Portfolio
Founded in 2017, Bitwise has become a key player in the U.S. crypto asset management scene, offering a wide array of products. The acquisition of ETC Group, renowned for its physical bitcoin ETP (BTCE), aligns with Bitwise’s ambition to extend its global reach and serve European investors.
The company stated on Monday that this expansion would bolster its ability to provide comprehensive crypto investment solutions, though ETC Group’s existing products will remain unchanged for now. This growth comes amid a year of notable progress for Bitwise, highlighted by the launch of its first spot bitcoin and ethereum exchange-traded funds (ETFs).
Hunter Horsley, Bitwise’s CEO stated on Monday:
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. This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs.
Since Jan. 11, 2024, Bitwise’s bitcoin ETF (BITB) has attracted $2.04 billion in positive inflows, while its ethereum ETF has seen $305 million in ether inflows. As of Aug. 16, Bitwise’s BITB spot bitcoin ETF secures 37,993.13 BTC. ETC Group’s physical bitcoin ETF currently holds 16,355 BTC in reserves, valued at approximately $954 million based on BTC exchange rates as of Aug. 19.
What do you think about Bitwise’s acquisition of ETC Group? Share your thoughts and opinions about this subject in the comments section below.
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