Business
Bitwise Expands European Presence with Acquisition of ETC Group
Bitwise is enhancing its footprint in Europe by acquiring ETC Group, a strategic move aimed at broadening its market reach and offering innovative investment solutions in the cryptocurrency space.
In a strategic move to enhance its footprint in Europe, crypto asset manager Bitwise has acquired the London-based ETC Group. This acquisition adds a total of nine exchange-traded products (ETPs) to Bitwise’s portfolio in the region. While the financial details of the acquisition remain undisclosed, it significantly boosts Bitwise’s assets under management (AUM) from approximately $3.5 billion to over $4.5 billion.
The ETC Group, known for its innovative financial products, has approximately $1 billion in AUM, which now contributes to Bitwise’s growing presence in the European market. Among the notable ETPs offered by ETC Group are:
- BTCE: A physically backed Bitcoin product
- ET32: A staked Ether ETP
Bitwise is already recognized as a key player in the U.S. market, where it is one of the issuers of spot Bitcoin and Ether exchange-traded funds (ETFs). With this acquisition, Bitwise aims to leverage ETC Group’s established platform and further expand its offerings across Europe, tapping into the growing demand for cryptocurrency investment products.