Hassan Maishera
TL;DR
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Crypto asset manager Bitwise has acquired London-based ETP provider ETC Group.
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The financial terms of the deal are yet to be disclosed.
Bitwise Acquires London-based ETC Group
Bitwise, one of the leading crypto asset managers in the world, is expanding its operations into Europe thanks to its acquisition of London-based ETC Group. With this acquisition, Bitwise is officially adding nine exchange-traded products (ETP) in the region to its stable.
Bitwise announced this latest development in a blog post on Monday but did not disclose the financial terms of the acquisition. However, it revealed that ETC Group’s ETP suite includes the largest and most heavily traded physical Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP), and the MSCI Digital Assets Select 20 (DA20).
While commenting on the acquisition, Hunter Horsley, Bitwise’s CEO, said,
“Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specialized in this fast-growing asset class. 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.”
The deal also raises Bitwise’s total assets under management to above $4.5 billion, as it adds ETC Group’s $1 billion AUM to its canopy.
Bitwise is among the issuers of spot bitcoin and ether exchange-traded funds (ETFs) in the United States. The company said it plans to expand ETC Group's platform in Europe.
