Bitwise expands to Europe with acquisition of physical Bitcoin ETP issuer ETC Group
Bitwise announced today that it has acquired physical Bitcoin exchange-traded products (ETPs) issuer ETC Group with over $1 billion in assets under management. The acquisition brings Bitwise's total assets under management to over $4.5 billion.
We’re excited to share that Bitwise has acquired ETC Group, the London-based digital asset manager and creator of Europe’s largest physical Bitcoin ETP (BTCE). The acquisition deepens our industry-leading suite of crypto products and brings Bitwise clients access to global… pic.twitter.com/RTSrrokBo3
— Bitwise (@BitwiseInvest) August 19, 2024
According to a statement by the company, it is now expanding into Europe and offering nine European crypto ETPs that are listed.
CEO Hunter Horsley said that Bitwise is developing a global cryptocurrency asset manager for investors and financial advisors looking for a best-in-class partner with expertise in this rapidly expanding asset class. Horsley added that by acquiring ETC Group, the company will be able to better serve investors in Europe, provide clients with worldwide insight, and add innovative ETPs to its product lineup.
Bradley Duke, one of the ETC Group's co-founders, shared in a statement his excitement about Bitwise's expansion of their operations into Europe.
The Bitwise Bitcoin ETF (BITB), one of the top 25 fastest-growing ETPs, is the company's first spot bitcoin ETP and has grown its assets to over $2 billion. In addition, the Bitwise Ethereum ETF (ETHW), which is the company's first-spot Ethereum ETP, was launched in July and has amassed more than $300 million in assets in just a few weeks.
Apart from the recently introduced ETPs, Bitwise offers 20 products in the US market, which include the world's biggest cryptocurrency index fund, a top-tier thematic equity ETF, separately managed accounts, private funds, and multi-strategy alpha solutions. Bitwise intends to strategically grow the ETC Group platform that is currently in use throughout Europe.
The ETC Group was established in 2019 and offers a suite of ETPs that includes the MSCI Digital Assets Select 20 (DA20), Solana (ESOL), XRP (GXRP), Ethereum with staking (ET32), and the largest and most traded physical Bitcoin ETP (BTCE). In the upcoming months, all of ETC Group's products will bear the Bitwise brand and have physical backing.
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