San Francisco-based Bitwise acquired crypto investment company ETC Group to join the European market. Financial specifics of the arrangement were not revealed by the firms.
In an Aug. 19 announcement, London-based ETC Group announced that it has over $1 billion in assets under management (AUM) and a physical portfolio of crypto exchange-traded products (ETPs) including Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP), and the MSCI Digital Assets Select 20.
Bitwise's assets under management rise to over $4.5 billion with the purchase of nine European crypto ETPs.
“This acquisition allows us to serve European investors, offer clients global insight, and expand the product suite with innovative ETPs,” Bitwise CEO Hunter Horsley said.
ETC Group launched its first crypto ETPs on Deutsche Börse Xetra in 2020 with BaFin permission. The business also runs a blockchain equity ETF that exposes investors to European blockchain startups.
