Digital asset management firm Bitwise has announced the acquisition of London-based cryptocurrency exchange-traded product (ETP) issuer ETC Group.
We’re excited to share that Bitwise has acquired ETC Group, the London-based digital asset manager and creator of Europe’s largest physical Bitcoin ETP (BTCE). The acquisition deepens our industry-leading suite of crypto products and brings Bitwise clients access to global… pic.twitter.com/RTSrrokBo3
— Bitwise (@BitwiseInvest) August 19, 2024
“This acquisition allows us to serve European investors, […] and expand our product suite with innovative ETPs,” noted Bitwise CEO Hunter Horsley.
Upon closing the deal, the firm’s total assets under management will increase by more than $1 billion, surpassing $4.5 billion.
In 2021, ETC Group achieved the listing of three fully-backed ETPs on the Vienna Stock Exchange: ETC Group Physical Ethereum ETC, ETC Group Physical Litecoin ETC, and ETC Group Physical Bitcoin.
During the same period, the issuer launched exchange-traded products based on Litecoin and Ethereum on Deutsche Boerse’s Xetra electronic trading platform. At the time of writing, ETC Group manages nine crypto funds.
Bitwise is the issuer of one of the spot Bitcoin ETFs approved in January.
In August, investment bank Goldman Sachs and trading firm DRW Holdings reported to the SEC the addition of cryptocurrency-related exchange-traded funds to their portfolios.