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<ul>
 <li>Meanwhile, the details of the purchase agreement are still unknown.</li>
 <li>Bitwise will be tasked with managing up to $4.5 billion in AUM once completion.</li>
</ul>
<a href="https://thenewscrypto.com/bitwise-advances-ethereum-etf-filings-and-expects-to-launch-next-week/" target="_blank" rel="noopener noreferrer nofollow">Bitwise</a>, an investment asset manager, has made a significant purchase that would elevate its exchange-traded fund (ETF) operations. This week began with the announcement that the company will be acquiring <a href="https://etc-group.com/" target="_blank" rel="noopener noreferrer nofollow">ETC Group</a>, a London-based digital-assets issuer. Meanwhile, the details of the purchase agreement are still unknown.
According to Bloomberg, Bitwise will be tasked with managing up to $4.5 billion in AUM once completion. This sum is on top of the $1.1 billion AUM that ETC Group already has. Notable among the company’s high-end offerings is a Bitcoin fund that is physically backed by the London-based firm.
<h3 class="wp-block-heading" id="h-strategic-acquisition">Strategic Acquisition</h3>
In the financial industry, such acquisitions are common, particularly when the target company is experiencing difficulties and sees the need to move to a more stable environment. Rather than creating a brand-new product from scratch, most companies use acquisitions as a way to expand internationally.
The US-based ETF business of Valkyrie was sold to <a href="https://thenewscrypto.com/coinshares-nets-116-profit-from-ftx-claim-sale/" target="_blank" rel="noopener noreferrer nofollow">CoinShares</a> in the first quarter of this year. The buyer saw this as an opportunity to strengthen its position in the American digital asset market. Activist investor Engine No. 1 sold its ETF business to asset management TCW Group last year. Another ETF issuer, Rize ETF Limited, was acquired by Cathie Wood’s ARK Investment Management.
Bitwise is generally enjoying itself in the digital asset industry and is considering growing even further. The investment firm debuted its spot Bitcoin ETF in January and its Ethereum ETF in June, joining the likes of BlackRock, <a href="http://grayscale.com" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a>, and Fidelity. For its Bitcoin investments, BITB was chosen by a $40 billion institutional consultant in the first week of August.
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Bitwise Acquires London-based ETC Group to Boost ETF Operations

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