• Bitwise acquires ETC Group, expands into Europe with $4.5 billion in crypto property beneath administration.
• ETC Group's merchandise can be rebranded beneath the Bitwise title, however the technique will stay the identical.
• Bitwise expects the introduction of a spot Bitcoin ETF to result in change for cryptocurrencies.

Bitwise, the most important crypto index fund supervisor in the US, has acquired London-based ETC Group, a number one issuer of crypto exchange-traded funds (ETPs), as a part of a strategic transfer to broaden its international footprint.

The acquisition, introduced on August 19, 2024, marks a big enlargement for Bitwise into the European market and can add greater than $1 billion in property beneath administration (AUM) to the portfolio, bringing the corporate's complete AUM to greater than $4.5 billion.

Bitwise positive aspects foothold in Europe with acquisition of ETC Group

ETC Group was based in 2019 and has established itself as a significant participant within the European cryptocurrency market, providing a spread of ETPs, together with these based mostly on Bitcoin, Ethereum, Solana and Ripple. These merchandise can be rebranded beneath the Bitwise title within the coming months, however the firm assures there can be no materials adjustments to the construction or targets of current ETC funding methods.

Bitwise sees the enlargement as a pivotal second in its development technique, because it expects the introduction of a spot Bitcoin ETF to dramatically change the cryptocurrency trade. In keeping with Bitwise CEO Hunter Horsley, the acquisition will allow the corporate to “serve European traders, present international insights to shoppers, and broaden our product suite with an modern ETP.”

Bitwise's enlargement into Europe follows the launch of a number of profitable merchandise within the US, together with the Bitwise Bitcoin ETF and Bitwise Ethereum ETF, which have collectively attracted greater than $2 billion in property since their launch earlier this 12 months.

The acquisition is in step with Bitwise's prediction that institutional funding in cryptocurrency ETFs will surge as giant monetary establishments more and more provide such merchandise to their shoppers.

By integrating ETC Group into its operations, Bitwise is poised to capitalize on the rising demand for digital property on either side of the Atlantic and additional solidify its management place within the crypto funding house.