Key Takeaways
Bitwise acquires ETC Group, adding $1 billion in assets and nine European-listed cryptocurrency ETPs. The acquisition increases Bitwise's total assets under management to over $4.5 billion.
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Bitwise Asset Management has acquired ETC Group, a London-based cryptocurrency exchange-traded product (ETP) issuer with over $1 billion in assets under management. According to the company's announcement, the acquisition marks Bitwise's entry into the European market, adding nine European-listed cryptocurrency ETPs to its portfolio.
ETC Group’s suite includes the largest and most traded physical Bitcoin ETP (BTCE), as well as ETPs for Ethereum with Staking (ET32), Solana (ESOL), XRP (GXRP) and the MSCI Digital Assets Select 20 (DA20).
These physically backed products will be rebranded under the Bitwise name in the coming months.
“Bitwise is building a global crypto asset manager for investors and financial advisors seeking a best-in-class partner focused on this fast-growing asset class,” said Hunter Horsley, CEO of Bitwise. “This acquisition enables us to serve European investors, provide global insights to our clients and expand our product suite with an innovative ETP.”
Notably, the acquisition increases Bitwise's total assets under management to more than $4.5 billion. Additionally, this comes on the heels of Bitwise's spot Bitcoin ETP, Bitwise Bitcoin ETF (BITB), which launched in January, exceeding $2 billion in assets under management.
The company introduced the Bitwise Ethereum ETF (ETHW) in July and it has amassed more than $300 million in assets within a few weeks.
“We believe Bitwise is building the best company in this new asset class and has proven its expertise and leadership over the years,” said ETC Group co-founder Bradley Duke.
Bitwise plans to strategically expand the existing ETC Group platform in Europe, building on its six-year track record of investment products and education in the cryptocurrency space.
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