- By acquiring London-based ETC Group, which provides nine cryptocurrency ETPs, Bitcoin ETF maker Bitwise extends its reach into Europe.
- Through the transaction, Bitwise now has $4.5 billion in assets under control.
Through the acquisition of London-based ETC Group, one of the biggest European participants in cryptocurrency exchange-traded products, Bitwise Asset Management is expanding its global footprint.
Bitwise, the provider of Bitcoin ETFs, Expands Into Europe by Acquiring ETC Group
In the upcoming months, the nine physically backed, European-listed crypto ETPs that were previously under the purview of the ETC Group will find a new home under the Bitwise brand, which issues Bitcoin ETFs. Products with an emphasis on XRP, Solana, Ethereum, Bitcoin, and other cryptocurrencies are among them.
Bitwise’s assets under management would increase to around $4.5 billion as a result. Serving additional investors is Bitwise’s primary goal, and this step is part of its planned development into the expanding European markets.
Bitwise’s Defensive Action Shows Growing Consolidation of Crypto Funds
ETC Group has strengthened the European cryptocurrency market’s resiliency since 2019. The company promised that the current investment techniques for the goods that ETC offers would remain unchanged following the renaming.
Bitwise, the company that issues Bitcoin ETFs, is expanding into the European market after a string of well-received product releases in the American market, such as the Bitwise Ethereum ETF and the Bitwise Bitcoin ETF. Both of these have assets totaling $2 billion, according to reports.
It surpassed the majority of smaller fund managers that specialize in cryptocurrency in terms of net inflows, positioning itself as one of the leading issuers in the US market.
The acquisition strengthens U.K.-based CoinShares’ U.S. position with the recent acquisition of Valkyrie’s fund business. It is the most recent in a series of mergers that are consolidating the crypto fund market.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
