- The acquisition enables Bitwise to expand into Europe with a suite of ETP products.
- Bitwise assets under management grow to $4.5 billion following the acquisition.
Asset manager Bitwise has announced the acquisition of crypto investment firm ETC Group. Bitwise CEO Hunter Horsley says the acquisition allows the asset manager to serve European clients and expand its product suite. He added:
“This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs.”
The acquisition of London-based ETC Group marks Bitwise’s European expansion. ETC Group is also the issuer of Europe’s largest physical Bitcoin ETP (BTCE) and other ETP products.
See Related: Financial Experts Uncertain Of Bitcoin ETF Launch In 2024
Acquisition Expands Bitwise’s AUM To Above $4.5 Billion
Bitwise’s purchase of ETC Group adds nine European-listed crypto ETPs to its assets. ETC Group’s assets under management are estimated at over $1 billion ETC, which raises Bitwise’s assets above $4.5 billion. ETC Group’s asset portfolio includes crypto exchange-traded products (ETPs) and MSCI Digital Assets Select 20 (DA20).
The San-Francisco-based Bitwise has been making inroads into crypto products, launching its first spot Bitcoin ETP in January. The Bitwise Bitcoin ETF (BITB) has amassed over $2 billion in assets, making it among the fast-growing ETPs.
In July, Bitwise debuted a spot in Ethereum ETP, the Bitwise Ethereum ETF (ETHW), amassing over $300 million in assets.
