U.S.-based cryptocurrency index fund manager Bitwise Asset Management expanded into Europe with the acquisition of London-based crypto exchange-traded products issuer ETC Group.
Terms of the deal were not disclosed, a spokesperson said.
ETC Group has more than $1 billion in assets under management and was founded in 2019. Its flagship fund is ETF Group Physical Bitcoin, which launched on Deutsche Borse XETRA in June 2020, and the firm also manages other digital asset ETPs.
The deal brings Bitwise’s AUM to more than $4.5 billion, the spokesperson said. It runs ETPs, hedge fund solutions and separately managed accounts.
All of ETC Group’s funds are physically backed, and will be renamed with the Bitwise brand, a news release said.
“Bitwise is building a global crypto asset manager for investors and financial advisers who want a best-in-class partner specialized in this fast-growing asset class,” said Hunter Horsley, Bitwise CEO, in the news release. “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 advisers, institutions and investors as a sophisticated asset manager in crypto markets, and look forward to bringing this expertise to European investors.”
Both Bitwise ETFs listed in the U.S. and the ETC Group’s ETPs listed in Germany and France are open to institutional investors, the spokesperson added.
