- Bitwise acquires ETC Group, entering Europe with $4.5B in crypto assets under management.
- ETC Group’s product will be renamed Bitwise, but the strategy will not change.
- Bitwise expects the cryptocurrency space to shift with the launch of a spot Bitcoin ETF.
Bitwise Expands into Europe by Acquiring ETC Group
In a strategic move to enhance its global presence, Bitwise, the largest cryptocurrency index fund management company in the United States, has acquired London-based ETC Group, a renowned issuer of cryptocurrency exchange-traded products (ETP). This acquisition, announced on August 19, 2024, marks a significant milestone for Bitwise as it expands its operations into the European market.
Key Expansion into the European Market
With the acquisition of ETC Group, Bitwise adds over $1 billion in assets under management (AUM) to its portfolio, bringing its total AUM to more than $4.5 billion. This strategic move not only strengthens Bitwise’s foothold in Europe but also enables the company to broaden its product offerings and cater to a wider range of investors.
Moreover, the rebranding of ETC Group’s products under the Bitwise name signifies a seamless transition for existing investors, ensuring continuity in investment strategies and services.
Anticipating Industry Shifts with the Launch of a Bitcoin ETF
Bitwise’s expansion into Europe comes at a pivotal moment in the cryptocurrency landscape, as the company anticipates significant changes with the launch of a spot Bitcoin ETF. CEO Hunter Horsley highlights the opportunities this acquisition brings in serving European investors, providing global insights, and introducing innovative ETPs to the market.
With the successful introduction of Bitwise Bitcoin ETF and Bitwise Ethereum ETF in the United States, which have collectively amassed over $2 billion in assets, Bitwise is well-positioned to capitalize on the growing demand for digital assets on a global scale.
Positioning for Future Growth and Institutional Adoption
As institutional interest in crypto ETFs continues to rise, Bitwise’s acquisition of ETC Group underscores its commitment to meeting the evolving needs of investors and financial institutions. By integrating ETC Group’s expertise and product offerings, Bitwise aims to solidify its position as a leading player in cryptocurrency investing on both sides of the Atlantic.
