Bitwise ventures into europe with strategic acquisition of etc group

Bitwise Ventures into Europe with Strategic Acquisition of ETC Group

Last Updated: August 21, 2024By

Bitwise, a prominent crypto asset manager, has embarked on a significant expansion into the European market by acquiring the London-based ETC Group, a well-established provider of exchange-traded products (ETP). This strategic acquisition fortifies Bitwise’s presence in Europe, integrating nine of ETC Group’s ETP offerings into its portfolio.

While the precise financial details of the acquisition remain undisclosed, the deal substantially enhances Bitwise’s assets under management (AUM). The assimilation of ETC Group’s $1 billion AUM propels Bitwise’s total AUM to surpass the $4.5 billion threshold, marking a pivotal moment in its growth trajectory.

Among the ETPs incorporated into Bitwise’s expanding portfolio are ETC Group’s Europe-listed products, including a physical bitcoin ETP (BTCE) and a staked ether ETP (ET32). These products have garnered attention in the European market, where crypto-pegged products have been more prevalent and accessible than in the U.S.

Also, read – Bitcoin Hoarding Intensifies: 75% of All BTC Unmoved for Over Six Months

Bitwise, recognized as a key player in the U.S. market with its spot bitcoin (BITB) and ether (ETHW) ETFs, now aims to leverage ETC Group’s established platform to deepen its influence in Europe. The acquisition is not merely a consolidation of assets but a deliberate move to build a robust, global crypto asset management enterprise, catering to investors and financial advisors seeking a specialized partner in the burgeoning digital asset class.

Hunter Horsley, CEO of Bitwise, expressed the company’s ambition, stating, “Bitwise is crafting a global crypto asset manager, one that delivers unparalleled expertise and commitment to investors and financial advisors navigating this rapidly evolving landscape.”

With this strategic acquisition, Bitwise is poised to capitalize on the European market’s maturity in crypto-pegged investment products, a market where similar products have thrived under the ETP designation for a considerable time. This move positions Bitwise not only as a dominant force in the U.S. but also as a formidable contender in the European market, enhancing its global footprint and offering a diversified suite of investment products to a broader audience.

Stay informed with daily updates from Blockchain Magazine on Google News. Click here to follow us and mark as favorite: [Blockchain Magazine on Google News].

Gif;base64,r0lgodlhaqabaaaaach5baekaaealaaaaaabaaeaaaictaeaow==

Get Blockchain Insights In Inbox

Stay ahead of the curve with expert analysis and market updates.

Disclaimer: Any post shared by a third-party agency are sponsored and Blockchain Magazine has no views on any such posts. The views and opinions expressed in this post are those of the clients and do not necessarily reflect the official policy or position of Blockchain Magazine. The information provided in this post is for informational purposes only and should not be considered as financial, investment, or professional advice. Blockchain Magazine does not endorse or promote any specific products, services, or companies mentioned in this posts. Readers are encouraged to conduct their own research and consult with a qualified professional before making any financial decisions.

About the Author: Eunji Lim

Eunji lim