Bitwise Asset Administration has introduced the acquisition of London-based ETC Group, the issuer of Europe’s largest bodily Bitcoin ETP (BTCE), based on a press launch despatched to Bitcoin Journal. This acquisition not solely expands Bitwise’s international footprint but additionally provides greater than $1 billion in belongings below administration to its portfolio.
JUST IN: 🇺🇸 Spot #Bitcoin ETF issuer Bitwise expands into Europe by buying Europe’s largest bodily Bitcoin ETP issuer ETC Group 🇪🇺 pic.twitter.com/EHz3ssB2Ut
— Bitcoin Journal (@BitcoinMagazine) August 19, 2024
“Bitwise is constructing a world crypto asset supervisor for traders and monetary advisors who need a best-in-class accomplice specialised on this fast-growing asset class,” stated Bitwise CEO Hunter Horsley. “This acquisition permits us to serve European traders, to supply purchasers international perception, and to broaden the product suite with progressive ETPs. We’re happy with the repute we’ve constructed over the past six years with advisors, establishments, and traders as a classy asset supervisor in crypto markets, and stay up for bringing this experience to European traders.”
Based in 2019, ETC Group has constructed a repute as a number one crypto ETP issuer in Europe, providing a set of bodily backed merchandise that embody Bitcoin and different cryptocurrencies. Over the approaching months, these ETPs can be rebranded below the Bitwise title, though the core funding methods will stay unchanged.
“We predict Bitwise is constructing the best-of-breed agency for this new asset class and have confirmed their professionalism and management over a few years,” stated ETC Group co-founder Bradley Duke. “For an asset administration agency, tradition and values are important, and we couldn’t be extra excited to proceed our work in Europe as a part of Bitwise.”
With the addition of ETC Group’s merchandise, Bitwise’s complete belongings below administration now exceed $4.5 billion, with their U.S. spot Bitcoin ETF (BITB) changing into one of many 25 fastest-growing ETPs of all time, closing in on over $2 billion in belongings in the present day, based on the press launch.
