• Bitwise acquires ETC Group, adding $1 billion in assets and nine European crypto ETPs to its portfolio.

  • The deal boosts Bitwise’s assets under management to over $4.5 billion and expands its product suite in Europe.

  • Bitwise’s spot Bitcoin ETF and spot Ether ETP have rapidly grown, reflecting increased institutional interest in crypto ETPs.

The San Francisco-based asset manager Bitwise said that it had bought ETC Group in order to enter the European market. Bitwise's reach is greatly increased by the deal, the specifics of which are still unknown financially. With the acquisition, Bitwise's portfolio now includes nine European-listed cryptocurrency exchange-traded products (ETPs) and $1 billion in assets under management from ETC Group.

https://twitter.com/BitwiseInvest/status/1825519476856541699 Bitwise's Strategic European Expansion

The ETC Group, which has its main office in London, provides a large range of ETPs, including XRP (GXRP), Bitcoin (BTCE), Ethereum with staking (ET32), Solana (ESOL), and MSCI Digital Assets Select 20 (DA20).

As a result of the deal, Bitwise is currently managing assets worth about $4.5 billion. Bitwise is now able to provide European investors with a wider selection of cutting-edge ETPs thanks to this calculated decision. CEO of Bitwise Hunter Horsley said that the acquisition would allow the business to extend its product line and provide insights to a worldwide audience.

ETC Group's Established European Presence

Since the establishment of the ETC Group in 2019, the launch of cryptocurrency ETPs in 2020 has affected Europe.  These products were approved by Germany's BaFin and made their debut on Deutsche Börse Xetra.

Interestingly, ETC Group also runs a blockchain equity exchange-traded fund (ETF), giving investors in Europe access to blockchain-related businesses. As a result, Bitwise will soon be the new name associated with these goods. 

Bitwise has advanced in the cryptocurrency investment market in the United States. As of August 19, assets in the company's spot Bitcoin ETF (BITB) had drawn close to $2.27 billion.

Furthermore, Bitwise was given permission to introduce a spot Ether ETP (ETHW), which attracted more than $300 million in assets very fast. This quick expansion highlights how institutional demand for cryptocurrency ETPs is rising.

Strengthening Bitwise's Global Leadership

Horsley emphasizes that this acquisition aligns with Bitwise's goal to become a global leader in crypto asset management. He notes that it allows Bitwise to better serve European investors and expand its innovative product offerings. The acquisition reflects a broader trend of firms preferring to acquire established businesses rather than starting from scratch.

ETC Group co-founder Bradley Duke praised Bitwise for its leadership and professionalism. He expressed enthusiasm about continuing their work in Europe under Bitwise. This deal enhances Bitwise’s position in the global market and highlights its commitment to expanding its crypto investment solutions.

The post Bitwise Enters Europe with ETC Group Acquisition, Expanding Crypto Offerings appeared first on Crypto News Land.