Bitwise Asset Administration, the main cryptocurrency index fund supervisor, has introduced the acquisition of ETC Group, one of many largest crypto ETP corporations.
With this deal, Bitwise is making a foray into the European market. ETC Group’s European-listed merchandise can be renamed with the model of the brand new proprietor within the close to future.
Bitwise CEO Hunter Horsley says that his firm is “trying ahead” to bringing its experience to Europe.
ETC Group was based again in 2019 as a way to present traders with alternatives to get publicity to the comparatively nascent crypto market in the identical manner they get publicity to equities or commodity ETCs.
In 2020, the corporate achieved a big milestone by itemizing its Bitcoin ETP on the Deutsche Börse.
In 2021, it achieved listings of bodily 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 market. Throughout the identical yr, ETC Group additionally launched Europe’s first metaverse ETP.
As of 2024, ETC Group boasts greater than $1 billion in belongings underneath administration throughout 9 ETPs.
Bitwise has acknowledged that “no materials adjustments” to the present funding methods can be supplied instantly following the acquisition.
Earlier this yr, Bitwise made waves by kicking off the Bitcoin ETF race within the US along with such massive names as BlackRock and Constancy. Bitwise’s BITB has to date attracted roughly $2 billion value of inflows.
Following the most recent acquisition, Bitwise’s AUM stands at $4.5 billion, in keeping with the corporate’s press launch.