Bitwise AM Buys ETC Group

Bitwise Asset Management has announced the acquisition of London-based crypto exchange-traded product issuer ETC Group – although the firm says ETC has over $1 billion in assets under management, it does not reveal the financial terms of the transaction.

The deal marks an expansion into Europe for the first time for Bitwise AM and adds nine European-listed crypto ETPs to its suite of ETPs, hedge fund solutions, and separately managed accounts. The additional products are physically backed and will be renamed with the Bitwise brand in the coming months. No material changes to the construction or objectives of the existing ETC investment strategies are planned at this time, the firm adds.

“Bitwise is building a global crypto asset manager for investors and financial advisors in this fast-growing asset class,” says Hunter Horsley, Bitwise’s CEO. “This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs. 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.”

Bitwise AM says the acquisition brings its total assets under management above $4.5 billion. In January, the company launched its first spot bitcoin ETP, and in July, its followed up with its first spot Ethereum ETP.