Bitwise Asset Management announced its acquisition of ETC Group, a London-based issuer of exchange-traded products (ETP). This acquisition will increase Bitwise's assets under management to $4.5 billion.
Deal Details
Crypto exchange-traded fund provider Bitwise released a statement on Aug 19 stating it had acquired ETP issuer ETC Group. According to Bitwise, the total assets under management are expected to amount to approximately $4.5 billion by the end of the transaction. Bitwise launched Bitcoin and Ethereum ETPs earlier this year.
Bitwise's Future Plans
As part of its expansion into the European market, Bitwise also announced plans to rebrand ETC Group's products under its name in the coming months. Executives from both companies assured that ETC's investment strategies and objectives would remain largely unchanged. Bitwise CEO Hunter Horsley noted that the acquisition will allow the company to offer clients a global perspective and improve its service to European investors. In a statement, he emphasized that the company's goal is to create a global asset manager for investors seeking a partner specializing in ETPs.
Opinions on the Acquisition
ETC Group founder Bradley Duke praised Bitwise for its professionalism in asset management. He expressed confidence in the firm, emphasizing the importance of values and culture in asset management. Duke also highlighted that the European market is more developed, with more permitted cryptocurrencies and ETPs, compared to the USA. 'The European market allows us to focus on our ideas and innovations,' he stated.
The acquisition of ETC Group strengthens Bitwise's positions in the global market, increasing assets under management and expanding the product portfolio.
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