New York, Wednesday, September 04, 2024 – Bitwise Asset Management has made its first push into the European market by acquiring London-based ETC Group, a cryptocurrency specialist.
The deal, announced on Monday, marks Bitwise’s first European acquisition and follows a recent trend of U.S. financial firms expanding overseas.
Analysts say that the acquisition is part of Bitwise’s broader strategy to offer global insights and expand its product offerings, including exchange-traded products (ETPs) focused on second-tier cryptocurrencies like Solana and Litecoin.
Post-acquisition, Bitwise’s assets under management are expected to reach approximately $4.5 billion.
ETC Group’s crypto products will be rebranded under the Bitwise name, while its employees will remain with the company.
This move allows Bitwise to enter new markets, leveraging ETC Group’s expertise in Europe, where the regulatory environment permits a wider range of cryptocurrency products.
However, the terms of the deal had not been disclosed till now.
Bitwise highlighted the acquisition as a significant step in serving European investors and expanding the firm’s global presence, while ETC expressed optimism about the collaboration, emphasizing the complementary nature of the two firms’ operations.
This acquisition follows Bitwise’s recent launch of Bitcoin and Ethereum-based ETFs in the U.S., further solidifying its position as a leading player in the crypto asset management industry.
