Bitwise Asset Management has completed the purchase of London-based issuers of crypto exchange-traded products (ETPs).
According to the announcement, the acquisition also gives the firm $1 billion in assets under management of the Group’s entire ETP portfolio. This demonstrates Bitwise’s interest in and entry into the European market.
ETC Group offers different types of crypto ETPs. The firm started operations in 2019 and has been actively offering several crypto ETPs. These include XRP, Solana, Ethereum with staking, and the largest most traded physical Bitcoin ETP.
Bitwise Now Has $4.5 Billion In Asset Under Management
The company noted that all the products it offers are backed physically, giving investors a sense of security over the assets. Following the acquisition of ETC Group, Bitwise intends to rebrand the company under the Bitwise name. The newly acquired company will be upgraded and expanded to accommodate more products for investors, according to Bitwise Chief Executive Officer, Hunter Horsley.
The acquisition means Bitwise has grown its total assets under management to over $4.5 billion, a remarkable feet in the industry. The company has also witnessed growth in other sections following a serious of expansion plans. Earlier this year, Bitwise rolled out its first Bitcoin ETP BITB, which has expanded to more than $2 billion in assets.
Last month, Bitcoin launched the Bitside Ethereum ETF (ETHW), the company’s first Ethereum ETP. The ETP has also grown to gain more than $300 million within a month of its launch.
Bitwise Is Using A Strategic Approach To Expand Into Europe
Horsley stated that the recent purchase enables the company to offer the right services to European investors. With its innovative ETPs, the company wants to continue expanding its product suite while offering clients global insights.
He added that the company has built a solid reputation for six years with investors, institutions, and advisors. The company has now become one of the most sophisticated asset managers in the crypto market, thanks to a strong team and a robust network. Horsley stated that the firm is now looking to replicate its expertise and experience in Europe following the acquisition of ETC Group.
Bitwise is currently offering 20 products in the US market, including several multi-strategy alpha products. The firm says it will be using a strategic approach to expand the ETC Group in Europe. The company offers its products and services to a network of financial institutions and investment professionals who want to access Bitcoin and other cryptocurrencies.