Bitwise Expands into Europe with Acquisition of ETC Group
In a strategic move to bolster its global presence, Bitwise, the leading cryptocurrency index fund management company in the United States, has acquired London-based ETC Group, a prominent issuer of cryptocurrency exchange-traded products (ETP). This acquisition, announced on August 19, 2024, marks a significant milestone for Bitwise as it enters the European market with over $4.5 billion in crypto assets under management.
ETC Group: A Key Player in the European Crypto Market
Founded in 2019, ETC Group has established itself as a major player in the European cryptocurrency market, offering a diverse range of ETPs linked to assets such as Bitcoin, Ethereum, Solana, and Ripple. Despite the rebranding of ETC Group’s products as Bitwise, the core investment strategies and objectives will remain unchanged, providing continuity for existing investors.
Bitwise’s CEO, Hunter Horsley, views this expansion as a pivotal moment in the company’s growth trajectory, especially as the cryptocurrency landscape anticipates a significant shift with the introduction of a spot Bitcoin ETF. The acquisition of ETC Group not only allows Bitwise to cater to European investors but also offers global insights and an expanded product portfolio through innovative ETPs.
Capitalizing on Institutional Interest in Crypto ETFs
Bitwise’s foray into Europe follows the successful launch of the Bitwise Bitcoin ETF and Bitwise Ethereum ETF in the United States, which have amassed over $2 billion in assets since their inception. With the rise of institutional interest in crypto ETFs, fueled by major financial institutions offering these products to their clients, Bitwise is well-positioned to capitalize on the growing demand for digital assets on both sides of the Atlantic.
As Bitwise integrates ETC Group into its operations, the company aims to strengthen its position as a leading force in cryptocurrency investing, leveraging its enhanced product offerings and expanded market presence to drive continued growth and innovation in the evolving crypto landscape.
