Bitwise Investment Acquires ETC Group, Doubles Down on Institutional Bitcoin in Europe

In a strategic move to expand its presence in Europe and the broader crypto industry, asset manager and Bitcoin exchange-traded fund (ETF) issuer Bitwise Investment has sealed a deal to acquire ETC Group, a major crypto issuer headquartered in London.

Asset manager and Bitcoin exchange-traded fund (ETF) issuer Bitwise Investment has acquired ETC Group, a major crypto issuer headquartered in London.

Specific terms of the transaction were not disclosed, but Bitwise said Monday that the deal will place the San Francisco-based company in charge of managing about $4.5 billion in assets.

Founded in 2019, ETC Group is a leading provider of physically-backed crypto exchange-traded products in Europe, offering a lineup of funds tracking top digital assets like Bitcoin, Ethereum (ETH), Solana (SOL) and XRP. Its flagship product is a $700 million Bitcoin ETP, the largest on the continent.

All ETC Group offerings are backed by physical assets, and the company’s products are set to be rebranded under the Bitwise banner.

Earlier this year in January, Bitwise launched its first spot Bitcoin ETF in the US, the Bitwise Bitcoin ETF (BITB), with approval from the Securities and Exchange Commission (SEC). The ETF has quickly gathered over $2 billion in assets under management (AUM).

Last month, Bitwise also launched its first spot, Ethereum ETP in the US, the Bitwise Ethereum ETF (ETHW), which attracted over $300 million in assets within weeks of its debut.

‘Excited to Bring Our Expertise to European Investors’ – Bitwise CEO

Commenting on the acquisition, Bitwise CEO Hunter Horsley expressed excitement about the opportunity to cater to European investors, provide global crypto market insights to clients and bolster Bitwise’s product lineup with “innovative ETPs.”

Reflecting on Bitwise’s six-year journey as a asset manager in the cryptocurrency markets, Horsley highlighted the company’s dedication to delivering expertise and value to European investors, institutions and advisors. Horsley further stated:

“We're proud of the reputation we have built over the last six years with advisors, institutions, and investors as a sophisticated asset manager in crypto markets, and look forward to bringing this expertise to European investors.”

At press time, the largest cryptocurrency by market capitalization, BTC, trades at $58,200 after failing to reclaim the key $60,000 level over the weekend, as a lack of bullish catalysts continue to hit the market.

BTC is down over 2% in 24 hours, but found support at $56,000 last week, which will be key for bulls to hold in case of a deeper retracement in the coming days to avoid a test of its 7-month low of $49,000, reached on August 5.

Meanwhile, Ethereum experienced a deeper retracement compared to Sunday’s price, trading at $2,570 with a 3.4% loss over the same time frame.

The DALL-E image above depicts a Bitwise and ETC Group employee shaking hands in front of a crypto ETP price board. The price chart was generated by TradingView.

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