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Crypto asset manager Bitwise has acquired London-based ETC Group, marking its expansion into Europe with over $1 billion in crypto assets under management. Bitwise, the largest crypto index fund manager in the U.S., announced the acquisition of ETC Group, a London-based crypto exchange-traded product issuer with more than $1 billion in assets under management. While the financial details of the deal were not disclosed, the acquisition signals Bitwise’s entry into the European market, adding nine European-listed crypto ETPs to its growing portfolio, the company said in an Aug. 19 press release. Founded in 2019, ETC Group’s ETP offerings include physical Bitcoin ETP (BTC) and other financial products such as Ethereum (ETH), Solana (SOL), and XRP (XRP). Bitwise noted that all of ETC Group’s products will be rebranded under the Bitwise name in the coming months, with “no material changes to the construction or objectives of the existing ETC investment strategies planned at this time.” “This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs.” Bitwise CEO Hunter Horsley Bitwise anticipates dramatic shift in crypto landscape With the acquisition, Bitwise’s total assets under management have soared to over $4.5 billion, following a series of other product launches earlier this year, including the Bitwise Bitcoin ETF and Bitwise Ethereum ETF. According to Bitwise, both products have amassed over $2 billion in assets since their launch. Bitwise’s acquisition of ETC Group comes months after the company predicted a surge in institutional investment into crypto ETFs as major financial institutions begin offering crypto ETF trades to their clients. As Bitwise chief investment officer Matt Hougan previously noted, the introduction of spot Bitcoin ETFs could signify the start of a “new era of price discovery” in the crypto market, where demand for digital…

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Filed under: News - @ August 19, 2024 3:19 pm