Bitwise Asset Management has completed the acquisition of ETC Group, strengthening its market presence in the European region. The acquired business comprises a range of exchange-traded products (ETPs) famous for their novelty and popularity.
Bitwise Secures ETC Group, Promises Smooth Transition
Bitwise Asset Management will change the names of the ETC Group’s ETPs to Bitwise’s in the next few months. The company assures us that it will uphold these products’ fundamental construction and purpose. This way, the investors will not be affected during the company’s rebranding process. Further, Bitwise has said that it will continue with the physical backing of assets, meaning that investors shall be exposed to the underlying digital assets such as Bitcoin and Ethereum.
The CEO of Bitwise, Hunter Horsley, pointed to the acquisition as an expansion of the firm’s footprint in Europe. ”This acquisition allows us to provide better service to European investors, he said. Horsley also highlighted the intention of the company to provide a global approach to its clients, which strengthens Bitwise’s position as one of the leading companies in the sphere of crypto asset management. As European market opportunities are of great interest, Horsley said, ‘We look forward to providing our proven solutions to the European markets.’
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Bradley Duke, co-founder of ETC Group, also had good things to say about Bitwise as they conducted themselves professionally. He noted that both firms were culturally and value similar. Duke said:
“Bitwise leads in crypto asset management, which is worth appreciating.” He also conveyed interest in serving the mission in Europe under new leadership.
Bitwise ETFs Attract Over $2 Billion Amid Expansion
This merger with ETC Group will massively increase Bitwise’s AUM to more than $4.5 billion. This is after Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW) launched earlier this year. Not covered under the Investment Company Act of 1940, these products provide an investment solution for investors who want to gain exposure to digital assets using their conventional financial tools.
Bitwise’s BITB was one of the newest ETPs admitted to the list of the world’s fastest-growing ones; the company’s assets grew to over $2 billion. ETHW also adhered to this trend, and within a few weeks, the assets under management had crossed $300 million. This moment builds on Bitwise’s ability to design and run relevant products for novice and veteran investors.
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Also Read: Bitwise Report: Spot Ethereum ETF Can Push ETH Price Over $5k
