Crypto Fund Manager Bitwise Expands into Europe by Acquiring London-based ETC Group

Crypto fund manager Bitwise has expanded its presence into Europe by buying London-based ETC Group, including 9 exchange-traded merchandise (ETPs) to its portfolio.

Crypto fund supervisor Bitwise has expanded its footprint into Europe with the acquisition of London-based ETC Group, including nine exchange-traded products (ETPs) to its lineup.

While the financial terms were not disclosed, the acquisition adds an additional $1 billion in assets under management (AUM) to Bitwise, bringing the firm’s total AUM to over $4.5 billion, according to an Aug. 19 announcement.

Bitwise adds BTC, XRP and SOL ETPS to its arsenal

Among the ETPs that Bitwise has added to its portfolio are what it terms “the largest and most heavily traded physical Bitcoin ETP (BTCE).”

Also acquired were the fully-backed Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP) and the MSCI Digital Assets Select 20 (DA20) funds.

‘Bitwise goes to Europe’ https://t.co/ZE8QbUn7Wl

— James Seyffart (@JSeyff) August 19, 2024

Bitwise is one of the key players in the crypto space that launched its own spot Bitcoin ETF (exchange-traded fund) earlier this year, trading under the ticker BITB.

Since its inception, the fund has become “one of the 25 fastest-growing ETPS of all time,” the announcement noted. The fund currently boasts an AUM of over $2 billion.

In July, Bitwise also launched its first spot Ethereum ETF, known as the Bitwise Ethereum ETF (ETHW). It has also performed well, amassing over $300 million in its first few weeks of trading.

Bitwise’s spot BTC ETF sees outflows while its ETH fund sees some more capital inflows

Data from Farside Traders shows that BITB was one of only two funds to record outflows yesterday. The other fund that saw capital leave was Franklin’s EZBC.

Most of the spot Bitcoin ETFs recorded zero flows on the day, except for BlackRock’s IBIT and Fidelity’s FBTC. Both of these ETFs managed to keep yesterday’s net flows positive.

Looking at the spot Ethereum ETF flows for the same day, Bitwise’s ETHW was one of the only funds to record inflows. Grayscale’s ETH fund also recorded positive flows, while Grayscale’s ETHE pushed the net flows for the day into the negatives.

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