All ETC Group products will be renamed with the Bitwise brand in the coming months.
Asset management company Bitwise has taken a significant step into the European financial market by acquiring ETC Group, a longtime physical crypto Exchange Traded Products (ETP) issuing company in London. Bitwise’s Assets Under Management (AUM) has risen to $4.5 billion following the acquisition. Bitwise manages two crypto exchange-traded funds (ETFs) approved in the United States this year: BITB and ETHW.
Bitwise Acquires ETC Group
Bitwise announced via a Monday press release that it had purchased the London-based ETC group. After the deal, both asset managers will be one company under the Bitwise brand. The purchase gives Bitwise access to nine new Europe-listed ETPs. Neither ETC Group nor Bitwise revealed the financial terms of the acquisition deal.
Bitwise’s CEO, Hunter Horsley, sees the purchase as a big step into expanding the company’s presence. He also revealed that Bitwise plans to extend its presence beyond America and Europe to make its ETPs accessible to investors worldwide.
“This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs. We’re proud of the reputation we have built over the last six years with advisors, institutions, and investors as a sophisticated asset manager in crypto markets, and look forward to bringing this expertise to European investors,” he said.
Similarly, ETC Group views the deal as a major stepping stone to its operations and has assured customers of improved services, including expert research, customer support, and new products. ETC Group co-founder Bradley Duke said, “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.”
Bitwise ETFs Progress
In addition to acquiring ETC Group, Bitwise has achieved two milestones this year, which include the SEC’s approval of its Bitcoin and Ether ETF in the United States.
Following the approvals, Bitwise Bitcoin ETF, BITB, has taken in over $2 billion, and its Ethereum ETF, ETHW, has been on the green side, inflowing $305.2 million. Notably, ETHW has not recorded any outflow since its launch.