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 presence but also adds over $1 billion in assets under management to its portfolio.
<blockquote class="twitter-tweet”>
BREAKING NEWS: Spot twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF issuer Bitwise expands into Europe with acquisition of Europe's largest physical bitcoin ETP issuer, ETC Group image.twitter.com/EHz3ssB2Ut
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1825539055595171938?ref_src=twsrc%5Etfw”>August 19, 2024
“Bitwise is building a global crypto asset manager for investors and financial advisors looking for a best-in-class partner specializing in this rapidly growing asset class,” said Bitwise CEO Hunter Horsley. “This acquisition allows us to serve European investors, offer clients a global view, and expand our product range with innovative ETPs. 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 cryptocurrency markets, and we look forward to bringing this expertise to European investors.”
Founded in 2019, ETC Group has built a reputation as one of the leading cryptocurrency ETP issuers in Europe, offering a range of physically-backed products including bitcoin and other cryptocurrencies. In the coming months, these ETPs will be rebranded to Bitwise, although the core investment strategies will remain unchanged.
“We believe Bitwise is building a best-in-class firm 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 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, and its U.S. Spot bitcoin ETF (BITB) has become one of the 25 fastest-growing ETPs of all time, approaching more than $2 billion in assets today, according to the press release.
<script async src="https://platform.twitter.com/widgets.js” charset=”utf-8″>
