Bitwise Asset Management Acquires ETC Group, Expanding Its Crypto ETP Offerings into Europe
- PHPzOriginal
- 2024-08-20 03:39:07568browse
Bitwise Asset Management, the renowned crypto asset management firm, has announced the acquisition of ETC Group, a London-based exchange-traded product (ETP) issuer.
Crypto asset management firm Bitwise has announced its acquisition of ETC Group, a London-based exchange-traded product (ETP) issuer, in a move that will see the company enter the European market.
The acquisition will add a lineup of crypto ETPs to Bitwise's portfolio, bolstering its presence on the continent and expanding its product offering.
Established in 2019, ETC Group is known for offering some of the largest and most heavily traded ETPs in Europe, including the physical Bitcoin ETP (BTCE) — the highest-volume product in the region — and other notable products like the Ethereum ETP with staking (ET32), Solana (ESOL), XRP (GXRP), and the MSCI Digital Assets Select 20 (DA20).
All of these physically-backed products are set to be rebranded under the Bitwise name in the coming months. However, there will be no material changes to the structure or objectives of the current investment strategies, the announcement noted.
The acquisition will increase Bitwise's assets under management to over $4.5 billion. The purchase follows the successful launch of Bitwise's Bitcoin ETF in January, which has seen over $2 billion in assets, and the launch of the same product but for Ethereum in July, which has gathered more than $300 million in its first few weeks.
"This acquisition will enable us to better serve European investors, offering a more comprehensive global perspective and expanding our product suite with innovative ETPs," said Hunter Horsley, CEO of Bitwise, in a statement.
From ETC Group, they highlighted the professionalism of the manager and expressed their enthusiasm to continue their work in Europe under the new partnership.
Founded in 2017, Bitwise has positioned itself as a leading organization in the crypto industry, with a six-year track record in investment product management and education in digital assets.
The company is known for its broad range of investment solutions, including crypto index funds and thematic ETFs, and has built strong relationships with numerous financial professionals and institutions.
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