Bitwise Asset Administration has introduced its acquisition of
ETC Group, a London-based issuer of cryptocurrency exchange-traded merchandise
(ETPs). The acquisition contains ETC Group’s portfolio of over $1 billion in
property beneath administration. This transfer marks Bitwise’s entry into the European
market.
Increasing to Europe
ETC Group, established in 2019, affords a variety of crypto
ETPs. These embrace the most important and most actively traded bodily Bitcoin ETP,
Ethereum with staking, Solana, XRP, and the MSCI Digital Belongings Choose 20. All
merchandise are bodily backed, and the agency’s choices might be rebranded
beneath the Bitwise identify within the close to future.
With the acquisition, Bitwise’s complete property beneath
administration now exceed $4.5 billion. This transaction comes throughout a 12 months of
vital enlargement for Bitwise. In January, the agency launched its first spot
Bitcoin ETP, the Bitwise Bitcoin ETF (BITB), which has grown to over $2 billion
in property.
In July, Bitwise launched its first spot Ethereum ETP, the Bitwise
Ethereum ETF (ETHW), which has attracted greater than $300 million in property
inside weeks of its launch.
“This acquisition
permits us to serve European traders, to supply purchasers international perception, and to
broaden the product suite with modern ETPs,” Hunter Horsley, Bitwise’s CEO commented.
“We’re pleased with the popularity we
have constructed during the last six years with advisors, establishments, and traders
as a complicated asset supervisor in crypto markets, and look ahead to
bringing this experience to European traders,” he added.
Crypto exchange-traded fund supplier Bitwise Asset Administration is shopping for ETC Group, a digital-assets issuer based mostly in London, including to a spate of offers inside the ETF trade https://t.co/zoowvNarLd
— Bloomberg (@enterprise) August 19, 2024
Enhancing Crypto Attain
Bitwise presently affords 20 merchandise within the US market,
together with the world’s largest crypto index fund, a thematic fairness ETF, and
numerous multi-strategy alpha options. The corporate plans to broaden ETC Group’s
platform in Europe by way of a strategic strategy.
Bitwise, based in 2017, has a six-year historical past of
offering skilled funding merchandise and academic assets. The agency
serves a community of funding professionals and monetary establishments
searching for entry to bitcoin and different crypto property.
This text was written by Tareq Sikder at www.financemagnates.com.
