Bitwise Buys London-Based ETC Group
2024-08-19

Bitwise Asset Management, the leading cryptocurrency index fund manager, has announced the acquisition of ETC Group, one of the largest crypto ETP firms. 
With this deal, Bitwise is making a foray into the European market. ETC Group's European-listed products will be renamed with the brand of the new owner in the near future. 
Bitwise CEO Hunter Horsley says that his company is "looking forward" to bringing its expertise to Europe. 
ETC Group was founded back in 2019 in order to provide investors with opportunities to get exposure to the relatively nascent crypto market in the same way they get exposure to equities or commodity ETCs. 
In 2020, the company achieved a significant milestone by listing its Bitcoin ETP on the Deutsche Börse. 
In 2021, it achieved listings of physical ETPs for such cryptocurrencies as Cardano, Polkadot, Tezos, and Stellar. 
In July 2022, its flagship Bitcoin ETP was listed on Cboe Europe, a pan-European derivatives marketplace. During the same year, ETC Group also launched Europe's first metaverse ETP. 
As of 2024, ETC Group boasts more than $1 billion in assets under management across nine ETPs. 
Bitwise has stated that "no material changes" to the existing investment strategies will be offered immediately following the acquisition. 
Earlier this year, Bitwise made waves by kicking off the Bitcoin ETF race in the US together with such big names as BlackRock and Fidelity. Bitwise's BITB has so far attracted roughly $2 billion worth of inflows. 
Following the latest acquisition, Bitwise's AUM stands at $4.5 billion, according to the company's press release. 