Bitwise Asset Management has announced the 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.

Expansion to Europe

Founded in 2019, ETC Group 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 company’s offerings will be rebranded as Bitwise in the near future.

With the acquisition, Bitwise’s total assets under management now surpass $4.5 billion. This transaction comes during a year of significant expansion for Bitwise. In January, the company 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 attracted over $300 million in assets within weeks of its launch.

“This acquisition enables us to serve European investors, provide global insight to clients and expand our product offering with innovative ETPs,” said Hunter Horsley, CEO of Bitwise.

“We are proud of the reputation we have built over the past six years among advisors, institutions and investors as a sophisticated asset manager in crypto markets, and we look forward to bringing this expertise to European investors.”

Crypto exchange-traded fund provider Bitwise Asset Management buys ETC Group, a digital asset issuer based in London, joining a series of deals within the ETF industry https://t.co/zoowvNarLd

— Bloomberg (@business) August 19, 2024

Expanding the reach of crypto

Bitwise currently offers 20 products in the US market, including the world’s largest crypto index fund, a thematic equity ETF, and several multi-strategy alpha solutions. The company plans to expand ETC Group’s platform in Europe through a strategic approach.

Founded in 2017, Bitwise has a six-year history of providing professional investment products and educational resources. The company serves a network of investment professionals and financial institutions seeking access to bitcoin and other crypto assets.

This article was written by Tareq Sikder on www.financemagnates.com.