Bitwise Asset Administration has introduced its acquisition of
ETC Group, a London-based issuer of cryptocurrency exchange-traded merchandise
(ETPs). The acquisition contains ETC Group’s portfolio of over $1 billion in
belongings below administration. This transfer marks Bitwise’s entry into the European
market.
Increasing to Europe
ETC Group, established in 2019, affords a variety of crypto
ETPs. These embody the most important and most actively traded bodily Bitcoin ETP,
Ethereum with staking, Solana, XRP, and the MSCI Digital Property Choose 20. All
merchandise are bodily backed, and the agency’s choices will probably be rebranded
below the Bitwise title within the close to future.
With the acquisition, Bitwise’s complete belongings below
administration now exceed $4.5 billion. This transaction comes throughout a yr of
vital growth for Bitwise. In January, the agency launched its first spot
Bitcoin ETP, the Bitwise Bitcoin ETF (BITB), which has grown to over $2 billion
in belongings.
In July, Bitwise launched its first spot Ethereum ETP, the Bitwise
Ethereum ETF (ETHW), which has attracted greater than $300 million in belongings
inside weeks of its launch.
“This acquisition
permits us to serve European buyers, to supply shoppers international perception, and to
develop the product suite with progressive ETPs,” Hunter Horsley, Bitwise’s CEO commented.
“We’re pleased with the status we
have constructed during the last six years with advisors, establishments, and buyers
as a classy asset supervisor in crypto markets, and sit up for
bringing this experience to European buyers,” he added.
Crypto exchange-traded fund supplier Bitwise Asset Administration is shopping for ETC Group, a digital-assets issuer primarily based in London, including to a spate of offers throughout the ETF trade https://t.co/zoowvNarLd
— Bloomberg (@enterprise) August 19, 2024
Enhancing Crypto Attain
Bitwise at the moment affords 20 merchandise within the US market,
together with the world’s largest crypto index fund, a thematic fairness ETF, and
varied multi-strategy alpha options. The corporate plans to develop ETC Group’s
platform in Europe via a strategic strategy.
Bitwise, based in 2017, has a six-year historical past of
offering skilled funding merchandise and academic sources. The agency
serves a community of funding professionals and monetary establishments
in search of entry to bitcoin and different crypto belongings.
This text was written by Tareq Sikder at www.financemagnates.com.
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