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Bitwise strengthens European market presence by acquiring ETC Group

GrafaGrafa2024/08/20 10:20
By:Isaac Francis

Bitwise Asset Management has expanded its global footprint by acquiring London-based ETC Group, a prominent provider of cryptocurrency exchange-traded products (ETPs). 

This acquisition is a strategic move for Bitwise, boosting its assets under management to over $4.5 billion and adding nine European-listed crypto ETPs to its portfolio. 

Founded in 2017, Bitwise has become a key player in the U.S. crypto asset management industry, offering a diverse range of products. 

The acquisition of ETC Group, known for its physical Bitcoin (CRYPTO:BTC) ETP (BTCE), aligns with Bitwise's strategy to extend its reach into the European market and serve a broader base of investors. 

Bitwise's CEO, Hunter Horsley, highlighted the company’s goal of creating a global crypto asset management platform that meets the needs of investors and financial advisors seeking specialized partners in the rapidly growing digital asset space. 

The acquisition of ETC Group is seen as a step toward better serving European investors with enhanced global insights and a wider array of innovative ETPs. 

This acquisition follows a year of significant milestones for Bitwise, including the successful launch of its first spot bitcoin and ethereum exchange-traded funds (ETFs). 

Since January 2024, Bitwise’s Bitcoin ETF (BITB) has attracted $2.04 billion in inflows, while its Ethereum (CRYPTO:ETH) ETF has seen $305 million in inflows. 

By mid-August, Bitwise's BITB spot Bitcoin ETF held 37,993.13 BTC, and ETC Group’s physical bitcoin ETF held 16,355 BTC, valued at around $954 million. 

With this acquisition, Bitwise strengthens its position as a leading global crypto asset manager, committed to providing comprehensive investment solutions. 

The company plans to maintain ETC Group's current products while leveraging the acquisition to further expand and innovate its offerings in the European market.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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