Bitwise Asset Management has recently acquired the London-based ETC Group, the issuer of Europe’s largest physical Bitcoin ETP (BTCE), as reported by Bitcoin Magazine. This strategic move not only expands Bitwise’s global presence but also boosts its assets under management by over $1 billion.
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 CEO Hunter Horsley expressed, “Bitwise aims to be the go-to global crypto asset manager for investors and financial advisors seeking expertise in this rapidly growing asset class. This acquisition enables us to cater to European investors, provide worldwide insights, and enhance our product offerings with innovative ETPs. We are excited to bring our established reputation and experience in crypto markets to investors in Europe.”
Established in 2019, ETC Group has earned a strong reputation as a top crypto ETP issuer in Europe, offering a range of physically backed products involving Bitcoin and other cryptocurrencies. The ETPs will be rebranded under the Bitwise name in the coming months, while maintaining their core investment strategies.
Co-founder of ETC Group, Bradley Duke, commented, “We believe Bitwise is at the forefront of building a leading firm in this new asset class and has demonstrated professionalism and leadership over several years. Cultural alignment and values are crucial for an asset management firm, and we are thrilled to continue our operations in Europe as part of Bitwise.”
With the inclusion of ETC Group’s products, Bitwise’s total assets under management have surpassed $4.5 billion. Notably, their U.S. spot Bitcoin ETF (BITB) is among the top 25 fastest-growing ETPs of all time, currently holding over $2 billion in assets, as per the press release.
