Bitwise Asset Management Acquires ETC Group, Expanding Into the European Crypto Market

Bitwise Asset Management announced its acquisition of ETC Group on August 19, 2024, a significant move that signifies the company's expansion into the European market.

Bitwise Asset Management, a leading crypto asset manager, announced on Monday, August 19, its acquisition of ETC Group, a European provider of exchange-traded products (ETPs) in the digital asset sector. This move marks a significant step in Bitwise's strategy to establish a global crypto asset management firm.

Founded in 2019, ETC Group has created a broad range of ETPs that have achieved remarkable success in the cryptocurrency market. Among their offerings are the largest physical Bitcoin ETP (BTCE),ასევე Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP), and the MSCI Digital Assets Select 20 (DA20). Notably, all ETC Group products are physically backed by the underlying digital assets to provide direct investor access.

In the coming months, Bitwise plans to rebrand all ETC Group products under the Bitwise name. However, the company has assured investors that the current ETC investment strategies will remain largely intact in terms of their objectives and construction. This acquisition is part of Bitwise's broader strategy to establish a global crypto asset management firm that provides specialized asset management expertise to financial advisors and investors in the rapidly expanding digital asset class.

Bitwise CEO Hunter Horsley highlighted this acquisition as a valuable step in enhancing the company's ability to service European investors and clients with a broader perspective. He noted that Bitwise has spent the last six years building a sophisticated asset management capability in crypto markets and looks forward to extending this expertise to European investors.

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Emphasizing Bitwise's professionalism and leadership in crypto asset management, ETC Group co-founder Bradley Duke expressed strong confidence in the company. He also highlighted the importance of culture and values in asset management and shared his enthusiasm for continuing ETC Group's operations in Europe under Bitwise's leadership.

This acquisition notably increases Bitwise's assets under management (AUM) to over $4.5 billion, capping off a strong year for the company. Bitwise launched its first spot Bitcoin ETP, the Bitwise Bitcoin ETF (BITB), in January 2024. It quickly became one of the 25 fastest-growing ETPs of all time, gathering assets of over $2 billion. Following up on this success, Bitwise launched its first spot Ethereum ETP in July, the Bitwise Ethereum ETF (ETHW), which has already crossed $300 million in assets within weeks.

Bitwise also reminds investors that, unlike many other exchange-traded products, BITB and ETHW are not registered under the Investment Company Act of 1940 and are not subject to its regulations. Investors are advised to consider this distinction when evaluating these products.

In addition to its recent ETP launches, Bitwise also manages a portfolio of over 20 products in the U.S. market, including the world's largest crypto index fund, a leading thematic equity ETF, multi-strategy alpha solutions, separately managed accounts, and private funds. Bitwise will be strategically deploying the existing ETC Group infrastructure across Europe, building on its track record and expertise in the U.S. market.

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