American crypto asset manager Bitwise has expanded to Europe after acquiring London-based ETC Group.
The San Francisco-based firm—which was behind Bitcoin and Ethereum crypto exchange-traded funds (ETFs) launched this year in the U.S.—announced the acquisition Monday.
ETC Group, which manages assets worth $1 billion, offers a number of digital asset exchange-traded products (ETPs) that give European investors exposure to Bitcoin, Ethereum, and Solana.
“This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs,” Bitwise CEO Hunter Horsley said in the announcement.
The size of the deal was not disclosed. But Bitwise said Monday that it would now have $4.5 billion in assets under management.
“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,” added Horsley.
Bitwise did not immediately respond to a request for comment from Decrypt.
Wall Street watchdog the Securities and Exchange Commission (SEC) said yes in January to Bitwise’s Bitcoin ETF—along with nine other ETFs.
Then, in May, the SEC quietly approved a batch of Ethereum ETFs, including Bitwise’s Ethereum ETF.
Both products have been popular with investors and have attracted billions of dollars in inflows.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source: https://decrypt.co/245330/bitwise-pushes-into-europe-with-etc-group-acquisition
