Bitwise Asset Management has announced the acquisition of London-based ETC Group, Europe’s largest Bitcoin exchange-traded product (BTCE), according to a press release sent to Bitcoin Magazine. The acquisition not only expands Bitwise’s global footprint, but also adds over $1 billion in assets under management to its portfolio.
Our new: 🇺🇸 Spot #Bitcoin ETF Issuer Bitwise Expands Into Europe With Acquisition Of Europe’s Largest Bitcoin ETF Issuer ETC Group 🇪🇺 pic.twitter.com/EHz3ssB2Ut
— Bitcoin Magazine (@BitcoinMagazine) August 19, 2024
“Bitwise is building a global crypto asset manager for investors and financial advisors who want a top-tier partner specializing in this fast-growing asset class,” said Hunter Horsley, CEO of Bitwise. “This acquisition allows us to serve European investors, provide global insights to clients, and expand our product suite with innovative trading products. We are proud of the reputation we have built over the past six years with advisors, institutions, and investors as a cutting-edge asset manager in the crypto markets, and we look forward to bringing this expertise to European investors.”
Founded in 2019, ETC Group has built a reputation as a leading issuer of cryptocurrency ETPs in Europe, offering a range of physically backed products including Bitcoin and other cryptocurrencies. Over the coming months, these ETPs will be rebranded under the Bitwise name, although the underlying investment strategies will remain unchanged.
“We believe that Bitwise is building a best-in-class company for this new asset class and has demonstrated its professionalism and leadership over many years,” said Bradley Duke, co-founder of ETC Group. “For an asset management company, culture and values are essential, and we couldn’t be more excited to continue our work in Europe as part of Bitwise.”
With the addition of the ETC Group products, Bitwise’s total assets under management now exceed $4.5 billion, with the U.S. Bitcoin ETF (BITB) becoming one of the 25 fastest-growing exchange-traded funds ever, approaching over $2 billion in assets today, according to the press release.