Bitwise Asset Management has announced the acquisition of London-based ETC Group, the issuer of Europe’s largest physical Bitcoin ETP (BTCE), according to a press release sent to Bitcoin Magazine. This acquisition not only expands Bitwise’s global footprint but also adds over $1 billion in assets under management to its portfolio.

JUST IN: 🇺🇸 Spot #Bitcoin ETF Issuer Bitwise Expands into Europe by Acquiring Europe’s Largest Physical Bitcoin ETP Issuer, ETC Group 🇪🇺 photo.twitter.com/EHz3ssB2Ut

— Bitcoin Magazine (@BitcoinMagazine) August 19, 2024

“Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specializing in this fast-growing asset class,” said Bitwise CEO Hunter Horsley. “This acquisition enables us to serve European investors, provide clients with global insight, and expand our product suite with innovative ETPs. 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 look forward to bringing this expertise to European investors.”

Founded in 2019, ETC Group has built a reputation as a leading crypto ETP issuer in Europe, with a range of physically backed products including Bitcoin and other cryptocurrencies. In the coming months, these ETPs will be rebranded as Bitwise, although the core investment strategies will remain unchanged.

“We believe Bitwise is building the best-in-class business for this new asset class and have demonstrated their professionalism and leadership over many years,” said Bradley Duke, co-founder of ETC Group. “For an asset manager, culture and values ​​are essential and we are excited to continue our work in Europe as part of Bitwise.”

With the addition of ETC Group’s products, Bitwise’s total assets under management now exceed $4.5 billion, making its U.S. spot Bitcoin ETF (BITB) one of the top 25 fastest-growing ETPs of all time and currently stands at nearly $2 billion in assets, the press release said.