Bitwise Asset Management has announced the acquisition of London-based ETC Group, Europe’s largest issuer of a physical Bitcoin ETP (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.
Latest news: 🇺🇸 Spots #Bitcoin ETF issuer Bitwise expands into Europe with acquisition of ETC Group, Europe’s largest physical Bitcoin ETP issuer 🇪🇺 pic.twitter.com/EHz3ssB2Ut
— Bitcoin Magazine (@BitcoinMagazine) August 19, 2024
“Bitwise is building a global crypto asset management firm for investors and financial advisors seeking a best-in-class partner focused on this fast-growing asset class,” said Hunter Horsley, CEO of Bitwise. “This acquisition enables us to serve European investors, provide global insights to our clients, and expand our product suite with an innovative ETP. We are proud of the reputation we have built over the past six years with advisors, institutions and investors as a sophisticated asset manager in the crypto markets, and we look forward to bringing this expertise to European investors.”
ETC Group was founded in 2019 and has built a reputation as Europe’s leading cryptocurrency ETP issuer, offering a range of physically backed products including Bitcoin and other cryptocurrencies. In the coming months, these ETPs will be rebranded under the Bitwise name, but the core investment strategy will remain the same.
“We believe Bitwise is building the best company in this new asset class and has proven its expertise and leadership over the years,” said Bradley Duke, co-founder of ETC Group. “Culture and values ​​are essential for an asset manager and we are excited to continue our operations in Europe as part of Bitwise.”
According to the press release, with the addition of ETC Group’s products, Bitwise’s total assets under management now exceed $4.5 billion, while its U.S. Spot Bitcoin ETF (BITB) is one of the top 25 fastest-growing ETPs of all time, currently approaching $2 billion in assets.
