Bitwise Asset Management has made a significant move in the cryptocurrency market with the acquisition of London-based ETC Group, the issuer of Europe’s largest physical Bitcoin ETP (BTCE). This strategic acquisition not only expands Bitwise’s global presence but also adds over $1 billion in assets under management to its portfolio.
Bitwise CEO Hunter Horsley expressed excitement about the expansion into Europe, stating, “Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specialized in this fast-growing asset class.” The acquisition allows Bitwise to cater to European investors, provide global insights, and introduce innovative ETPs to its product suite.
ETC Group, founded in 2019, has established itself as a leading crypto ETP issuer in Europe, offering physically backed products that include Bitcoin and other cryptocurrencies. The rebranding of ETC Group’s ETPs under the Bitwise name will take place in the coming months, while maintaining the core investment strategies.
Bradley Duke, co-founder of ETC Group, praised Bitwise for its professionalism and leadership in the industry, stating, “We think Bitwise is building the best-of-breed firm for this new asset class and have proven their professionalism and leadership over many years.” The cultural alignment between the two firms was highlighted as a key factor in the acquisition.
With the addition of ETC Group’s products, Bitwise’s total assets under management now exceed $4.5 billion. The U.S. spot Bitcoin ETF (BITB) offered by Bitwise has also seen significant growth, becoming one of the 25 fastest-growing ETPs of all time, with over $2 billion in assets today.
This acquisition marks a significant milestone for Bitwise as it continues to solidify its position as a leading global crypto asset manager, providing investors with access to a diverse range of cryptocurrency investment opportunities.
