Bitwise Asset Management has acquired ETC Group, marking the firm’s expansion into Europe.
San Francisco-based Bitwise’s acquisition of London-based ETC Group will add nine European-listed crypto exchange-traded products to Bitwise’s lineup, bringing total assets under management above $4.5 billion. ETC Group is a crypto ETP issuer with over $1 billion in assets under management.
The acquisitions allows the firm to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs, the firm said in a statement.
Crypto ETPs
The firm launched its first spot bitcoin ETP, the Bitwise Bitcoin ETF (BITB ), in January. Furthermore, BITB became one of the 25 fastest-growing ETPs of all time, according to a statement from the firm. The fund has $2.2 billion in assets under management as of Aug. 21.
See more: Bitwise Lists Spot Bitcoin ETF BITB on the NYSE
Additionally, the firm introduced its first spot Ethereum ETP, the Bitwise Ethereum ETF (ETHW ), in July. The fund has garnered $244 million in assets under management as of Aug. 21.
See more: Bitwise Waives Sponsor Fee Amid Spot Ether ETF Race
Meanwhile, ETC Group’s ETP suite includes the largest and most heavily traded physical Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP), and the MSCI Digital Assets Select 20 (DA20), according to the statement.
All of ETC Group’s products are physically backed and will be renamed with the Bitwise brand in the coming months. No material changes to the construction or objectives of the existing ETC investment strategies are planned at this time, according to the statement.
In addition to BITB and ETHW, Bitwise also has four other ETFs available to U.S. investors. This includes a Bitcoin Strategy Optimum Roll ETF (BITC ), an Ethereum Strategy ETF (AETH ), the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP ), as well as the Bitwise Web3 ETF (BWEB ).
For more news, information, and analysis, visit the Crypto Channel.
