Bitwise Asset Management has recently expanded into the European market by acquiring ETC Group. ETC Group is a prominent provider of cryptocurrency exchange-traded products (ETPs) based in London. This strategic acquisition boosts Bitwise’s total assets under management to over $4.5 billion. In addition to this, it will add nine new European-listed crypto ETPs to its portfolio.
Founded in 2017, Bitwise has established itself as a major player in the U.S. crypto asset management industry. It offers a range of investment products. The purchase of ETC Group, known for its physical bitcoin ETP (BTCE), marks a significant step in Bitwise’s efforts to broaden its global reach and cater to European investors.
Bitwise to Enhance Product Lineup with ETC Group Acquisition
On Monday, Bitwise stated that this acquisition will strengthen its offering of investment products related to digital currencies. For now, there will be no changes to ETC Group’s existing products. However, Bitwise expects to be able to provide more diversified products and services to its clients. This is an exciting year for Bitwise, which has also brought to the market its two initial spots Bitcoin and Ethereum ETFs.
Hunter Horsley, Operations Director at Bitwise, spoke more on the move. He claims that Bitwise is focused on becoming a premier crypto asset manager on a global scale with excellent services for investors and financial advisors who are attracted to this growing market. It will enable Bitwise to better assist European investors, offer them global information, and diversify ETP offerings.
Besides the acquisition, the company got the green light in July for its new Ether ETP called the Bitwise Ethereum ETF (ETHW). This fund has grown to have assets of over $300 million within a relatively short period of time. This drives the adoption of crypto ETPs, benefiting Bitwise as a leader in crypto offerings owing to interest from institutions as well as a progressive regulatory environment.
