- Bitwise acquires ETC Group and expands into Europe with $4.5 billion in crypto AUM.
- ETC Group merchandise will likely be rebranded beneath Bitwise, however there will likely be no adjustments in methods.
- Bitwise expects a shift in cryptocurrencies with the introduction of spot bitcoin ETFs.
In a strategic transfer to increase its international footprint, Bitwise, the biggest crypto index fund supervisor in the USA, has acquired London-based ETC Group, a number one issuer of crypto exchange-traded merchandise (ETPs).
The acquisition, introduced on August 19, 2024, marks Bitwise's important growth into the European market, including greater than $1 billion in property beneath administration (AUM) to its portfolio and growing the agency's whole AUM to greater than $4.5 billion.
The acquisition of ETC Group offers Bitwise a robust foothold in Europe
Based in 2019, ETC Group has established itself as a key participant within the European crypto market and provides a variety of ETPs, together with these based mostly on Bitcoin, Ethereum, Solana and Ripple. These merchandise will likely be rebranded beneath the Bitwise identify within the coming months, though the agency has assured that there will likely be no materials adjustments to the design or goals of the prevailing ETC funding methods.
Bitwise sees this growth as a key second in its development technique, particularly because it expects a dramatic shift within the crypto panorama with the introduction of spot bitcoin ETFs. In keeping with Bitwise CEO Hunter Horsley, the acquisition permits the corporate to “serve European traders, supply shoppers a worldwide view and increase the product suite with progressive ETPs.”
Bitwise's transfer to Europe follows a number of profitable product launches within the US, together with the Bitwise Bitcoin ETF and the Bitwise Ethereum ETF, which have collectively attracted over $2 billion in property since their inception earlier this yr.
The acquisition can be in step with Bitwise's prediction of a rise in institutional funding in crypto ETFs as massive monetary establishments more and more supply these merchandise to their shoppers.
As Bitwise integrates ETC Group into its operations, the agency is poised to capitalize on the rising demand for digital property on either side of the Atlantic and additional cement its place as a number one drive within the crypto funding area.
