Cryptocurrency index fund manager Bitwise has acquired the London-based crypto Exchange Traded Products (ETP) issuer ETC Group to begin its expansion across Europe.
The acquisition of ETC’s $1bn assets adds to Bitwise’s existing nine other European crypto ETPs to broaden its suite of hedge fund solutions and managed accounts.
After successfully launching a Bitcoin and an Ethereum ETP in the US earlier this year, Bitwise plans to make crypto adoption more seamless in Europe via its acquisition of ETC Group.
Hunter Horsley, Bitwise CEO, commented: “Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specialised in this fast-growing asset class.
“This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs.
“We’re proud of the reputation we have built over the last six years with advisors, institutions and investors as a sophisticated asset manager in crypto markets, and look forward to bringing this expertise to European investors.”
Bitwise offers a multitude of crypto management services, such as investment tools and index management, that enables interacting with various cryptocurrencies more securely, with its ETP offering central to this.
ETPs act in a similar way to ETFs as they provide an ease-of-use way to invest in a pool of crypto. However, where ETPs differ is that they directly track the performance of the cryptocurrency allowing investors enhanced transparency.
Adding ETC’s assets to its already impressive range of services, Bitwise can now access ETC’s Bitcoin ETP, XRP and Solana tokens which will all be rebranded under Bitwise’s banner.
ETC Group Co-Founder, Bradley Duke, added: “We think Bitwise is building the best-of-breed firm for this new asset class and have proven their professionalism and leadership over many years.
“For an asset management firm, culture and values are essential, and we couldn’t be more excited to continue our work in Europe as part of Bitwise.”
