Bitwise Expands Its Footprint Through ETC Group Acquisition
Bitwise Investment, a prominent asset manager and Bitcoin ETF issuer, has recently made a strategic move to enhance its presence in Europe by acquiring ETC Group, a leading crypto issuer based in London. This acquisition marks a significant development in Bitwise’s growth strategy.
Impressive Expansion in the European Crypto ETP Space
ETC Group, established in 2019, has been a trailblazer in the European crypto ETP arena, offering a diverse range of physically-backed funds that track popular digital assets such as Bitcoin, Ethereum, Solana, and XRP. Their flagship product, a $700 million Bitcoin ETP, stands as the largest in Europe.
- ETC Group has solidified its position in the European crypto ETP space
- They offer physically-backed funds tracking prominent digital assets
- Their $700 million Bitcoin ETP is the largest in Europe
All ETC Group offerings are backed by physical assets, and there are plans to rebrand these products under the Bitwise banner in the future. This synergistic approach aims to capitalize on both companies’ strengths and boost their market presence.
Bitwise’s Growth Trajectory in the Cryptocurrency Market
Earlier this year, Bitwise introduced its first spot Bitcoin ETF, BITB, in the United States after receiving approval from the SEC. This ETF has quickly garnered over $2 billion in assets under management, underscoring Bitwise’s growing influence in the crypto investment space.
Similarly, the launch of Bitwise’s Ethereum ETF, ETHW, in recent months has been met with strong investor interest, attracting over $300 million in assets within a short period.
- Bitwise’s BITB ETF has crossed $2 billion in assets under management
- The ETHW ETF saw substantial asset accumulation soon after its launch
- Both ETFs have been well-received by investors
CEO’s Optimism About European Expansion
Hunter Horsley, Bitwise’s CEO, expressed optimism regarding the acquisition of ETC Group and emphasized the potential to cater to European investors effectively. He highlighted the opportunity to offer innovative ETPs and diversify the product portfolio to meet the evolving needs of clients.
“We’re proud of the reputation we have built over the last six years and look forward to bringing our expertise to European investors,” said Hunter Horsley.
Cryptocurrency Market Update
As of the latest trading session, Bitcoin is hovering around $58,200, struggling to surpass the crucial $60,000 mark amid a lack of significant catalysts. The cryptocurrency has faced a minor dip of over 2% in the past 24 hours but is finding support around $56,000.
On the other hand, Ethereum has experienced a more pronounced decline, currently trading at $2,570, reflecting a 3.4% decrease compared to the prior day’s prices.
Hot Take: Bitwise’s Strategic Acquisition Signals Global Expansion
In a strategic move to expand its presence in Europe and the broader crypto industry, asset manager and Bitcoin exchange-traded fund (ETF) issuer Bitwise Investment has sealed a deal to acquire ETC Group, a major crypto issuer headquartered in London.
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