- Bitwise Asset Management has announced the acquisition of ETC Group, a London-based issuer of crypto Exchange-Traded Products (ETPs).
- This acquisition signifies Bitwise’s strategic expansion into the European market.
- The integration will bring ETC Group’s nine Europe-listed crypto ETPs into Bitwise’s portfolio.
Bitwise expands into Europe with the acquisition of ETC Group.
Bitwise’s Strategic European Expansion
Bitwise Asset Management, a leading crypto asset management firm, has taken a significant step in its global growth strategy by acquiring ETC Group. This acquisition adds over $1 billion in assets under management from ETC Group’s portfolio, integrating nine highly regarded crypto ETPs, including some of the largest and most traded products in the market.
Integration and Rebranding of ETC Group’s Products
Founded in 2019, ETC Group has established a reputable portfolio, including the largest physically-backed Bitcoin ETP (BTCE) and staking-enabled ETPs such as Ethereum (ET32), Solana (ESOL), and others. These products will be rebranded under the Bitwise name, although the core strategies and goals will remain unchanged, ensuring continuity for existing investors.
Bitwise’s Broader Product and Market Strategy
This strategic move is part of Bitwise’s broader mission to serve investors and financial advisors globally. Bitwise CEO Hunter Horsley emphasized the importance of this acquisition in delivering innovative ETP solutions and providing global insights to clients. He noted how Bitwise’s reputation as a sophisticated asset manager in the crypto markets has been solidified over the past six years and is now poised to benefit European investors.
Maintaining Culture and Values
Bradley Duke, co-founder of ETC Group, expressed confidence in Bitwise’s commitment to culture and professionalism. Duke highlighted that these values are crucial in asset management and are well-aligned with ETC Group’s ethos. This cultural synergy is expected to drive successful integration and continued growth in the European market.
Growth of Bitwise’s Managed Assets
With the addition of ETC Group’s assets, Bitwise now oversees more than $4.5 billion in total managed assets. This year has been pivotal for Bitwise, marked by the launch of several innovative products. In January, the firm introduced the Bitwise Bitcoin ETF (BITB), which rapidly accumulated over $2 billion in assets, making it one of the fastest-growing ETPs in history. By July, they launched the Bitwise Ethereum ETF (ETHW), which also garnered significant investor interest, amassing over $300 million within weeks of its launch.
Conclusion
The acquisition of ETC Group marks a significant milestone for Bitwise Asset Management, enhancing its product offering and strengthening its position in the European market. As Bitwise continues to expand its global footprint, the firm remains committed to delivering exceptional investment products and insights to a growing base of sophisticated investors. This strategic growth is poised to offer new opportunities and value to the global crypto investment community.
