Bitwise Asset Management expands in Europe with the acquisition of ETC Group
Bitwise Asset Management expands in Europe with the acquisition of ETC Group
Bitwise Asset Management, a leading US-based crypto asset manager, announced the acquisition of ETC Group, a London-based issuer of cryptocurrency exchange-traded products (ETPs) with over $1 billion in assets under management.
This strategic move marks Bitwise's entry into the European market, significantly expanding its global presence and product offering.
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Founded in 2019, ETC Group has established itself as a major player in the European cryptocurrency ETP market. Its product lineup includes the most traded physical Bitcoin ETP (BTCE) in Europe, as well as a number of other digital assets such as Ethereum with Stacking (ET32), Solana (ESOL), XRP (GXRP) and MSCI Digital Assets Select 20 (DA20). All ETC Group ETPs are physically backed and will be rebranded as Bitwise in the coming months. Despite the rebranding, the structure and objectives of these investment strategies will remain unchanged.
The acquisition comes at a time of rapid growth for Bitwise, with total assets under management exceeding $4.5 billion. “Bitwise is creating a global crypto asset manager for investors and financial advisors who need a best-in-class partner specializing in this fast-growing asset class,” said Hunter Horsley, CEO of Bitwise. “This acquisition allows us to serve European investors, offer clients a global view and expand our product lineup with innovative ETPs.”
ETC Group co-founder Bradley Duke expressed confidence in the acquisition, stating, “We believe Bitwise is building a best-in-class firm for this new asset class and has proven its professionalism and leadership over the years.” Duke emphasized that culture and values are critical in asset management, and he is excited to continue ETC Group's work as part of Bitwise.
This acquisition is the latest milestone in what has been a landmark year for Bitwise. Earlier in 2024, Bitwise launched its first spot bitcoin-ETP, the Bitwise Bitcoin ETF (BITB), which quickly became one of the fastest growing ETPs in history, accumulating over $2 billion in assets. This was followed by the launch of the Bitwise Ethereum ETF (ETHW), which attracted over $300 million in assets within weeks.
Expanding into Europe through ETC Group allows Bitwise to bring its expertise and innovation to a new market, further cementing its position as a global leader in the crypto asset management industry. With a wide range of products, including the world's largest crypto-index fund, Bitwise continues to be a trusted partner for financial advisors, institutions and investors seeking to navigate the complex world of digital assets.
Bitwise and ETC Group share a commitment to providing safe, compliant ways to invest in digital assets, combining the rigor of traditional finance with the innovation of blockchain technology. As Bitwise integrates ETC Group's offerings into its platform, the company plans to strategically expand its presence in Europe, offering more opportunities for investors looking for exposure to the rapidly evolving digital asset market.
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