Bitcoin ETF

Bitcoin

Crypto asset manager Bitwise has acquired London-based ETC Group, marking its expansion into Europe with over $1 billion in crypto assets under management. 
<a href="https://crypto.news/tag/bitwise/" target="_blank" rel="noreferrer noopener">Bitwise</a>, the largest crypto index fund manager in the U.S., announced the acquisition of ETC Group, a London-based crypto exchange-traded product issuer with more than $1 billion in assets under management. 
While the financial details of the deal were not disclosed, the acquisition signals Bitwise’s entry into the European market, adding nine European-listed crypto ETPs to its growing portfolio, the company said in an Aug. 19 press release. 
Founded in 2019, ETC Group’s ETP offerings include physical <a href="https://crypto.news/tag/bitcoin-etp/" target="_blank" rel="noreferrer noopener">Bitcoin ETP</a> (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) and other financial products such as Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>), and XRP (<a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">XRP</a>). Bitwise noted that all of ETC Group’s products will be rebranded under the Bitwise name in the coming months, with “no material changes to the construction or objectives of the existing ETC investment strategies planned at this time.” 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “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 
</blockquote> 
<h2 class="wp-block-heading" id="bitwise-anticipates-dramatic-shift-in-crypto-landscape">Bitwise anticipates dramatic shift in crypto landscape</h2> 
With the acquisition, Bitwise’s total assets under management have soared to over $4.5 billion, following a series of other product launches earlier this year, including the Bitwise Bitcoin ETF and Bitwise Ethereum ETF. According to Bitwise, both products have amassed over $2 billion in assets since their launch. 
Bitwise’s acquisition of ETC Group comes months after the company predicted a surge in institutional investment into crypto ETFs as major financial institutions begin offering crypto ETF trades to their clients. As Bitwise chief investment officer Matt Hougan previously <a href="https://crypto.news/institutional-investors-poised-to-fuel-major-surge-in-bitcoin-etf-adoption-bitwise-predicts/" target="_blank" rel="noreferrer noopener">noted</a>, the introduction of spot Bitcoin ETFs could signify the start of a “new era of price discovery” in the crypto market, where demand for digital assets significantly outweighs supply. 
Founded in 2017, Bitwise offers dozens of financial products in the U.S. market, including one of the largest crypto index funds in the world, a thematic equity ETF, multi-strategy alpha solutions, separately managed accounts, and private funds. The company says it plans to strategically expand the existing ETC Group platform in Europe. 
 Read more: <a href="https://crypto.news/bitwise-us-etf-ethereum-addresses/"> Bitwise becomes 1st US ETF to post Ethereum addresses </a>

Bitwise acquires $1b Bitcoin ETP issuer to expand into Europe

Table of Contents

crypto.news

Other articles published on Aug 19, 2024

Arbitrum DAO Passes Major Proposal to Boost ARB Token With Staking

Ethereum Gas Fees Reach All-Time Low as Whales Retreat

US Bureau of Labor Statistics' Job Data Revision Could Spark Crypto Market Turmoil

Accumulation of Bitcoin By The US Government Can Lead To Manipulation – Raoul Pal

Bullish Signals for Binance Coin as Open Interest Climbs Higher

Tether Launches on APTOS Blockchain to Lower Transaction Cost

Join our free newsletter for daily crypto updates!