Bitwise Acquires ETC Group, Europe’s Largest Physical Bitcoin ETP Issuer

Bitwise Asset Management has announced the acquisition of London-based ETC Group, Europe’s largest physical Bitcoin ETP (BTCE) issuer, according to a press release provided to Bitcoin Magazine. This acquisition not only expands Bitwise’s global footprint, but also adds over $1 billion in assets under management to its portfolio.

ONLY IN: 🇺🇸 Spot #Bitcoin ETF issuer Bitwise expands into Europe by acquiring Europe’s largest physical Bitcoin ETP issuer, ETC Group 🇪🇺 pic.twitter.com/EHz3ssB2Ut

— Bitcoin Magazine (@BitcoinMagazine) August 19, 2024

“Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specializing in this fast-growing asset class,” said Bitwise CEO Hunter Horsley. “This acquisition allows us to serve European investors, provide clients with a global perspective and expand our product range with innovative ETPs. We are proud of the reputation we have built over the past six years with advisors, institutions and investors as a sophisticated asset manager in the crypto markets and look forward to bringing this expertise to European investors.”

Founded in 2019, ETC Group has built a reputation as the leading crypto ETP issuer in Europe, offering a suite of physically backed products that include Bitcoin and other cryptocurrencies. In the coming months, these ETPs will be rebranded as Bitwise, although the core investment strategies will remain unchanged.

“We believe Bitwise is building the best firm for this new asset class and has proven its professionalism and leadership over many years,” said ETC Group co-founder Bradley Duke. “For an asset management firm, culture and values ​​are key and we couldn’t be more excited to continue our work in Europe as part of Bitwise.”

With the addition of ETC Group products, Bitwise’s total assets under management now exceed $4.5 billion, with the US Spot Bitcoin ETF (BITB) becoming one of the 25 fastest growing ETPs of all time, approaching today has more than $2 billion in assets, according to the press release.