Bitwise Asset Management has announced the acquisition of London-based ETC Group, the issuer of Europe’s largest physical Bitcoin ETP (BTCE), according to a press release sent to Bitcoin Magazine. This acquisition not only expands Bitwise’s global footprint but also adds more than $1 billion in assets under management to its portfolio.
JUST IN: ???????? Spot #Bitcoin ETF issuer Bitwise expands into Europe by acquiring Europe’s largest physical Bitcoin ETP 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 best-in-class partner specialized in this fast-growing asset class,” said Bitwise CEO Hunter Horsley. “This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs. 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.”
Founded in 2019, ETC Group has built a reputation as a leading crypto ETP issuer in Europe, offering a suite of physically backed products that include Bitcoin and other cryptocurrencies. Over the coming months, these ETPs will be rebranded under the Bitwise name, although the core investment strategies will remain unchanged.
“We think Bitwise is building the best-of-breed firm for this new asset class and have proven their professionalism and leadership over many years,” said ETC Group co-founder Bradley Duke. “For an asset management firm, 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 ETC Group’s products, Bitwise’s total assets under management now exceed $4.5 billion, with their U.S. spot Bitcoin ETF (BITB) becoming one of the 25 fastest-growing ETPs of all time, closing in on over $2 billion in assets today, according to the press release.
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