Bitwise Asset Management has announced the acquisition of ETC Group, a London-based cryptocurrency ETP issuer. This move pushes Bitwise, known for its prominent U.S. ETFs in Bitcoin and Ethereum, into the European market. ETC Group, established in 2019, manages over $1 billion in assets and offers nine cryptocurrency ETPs, including Europe’s largest physically-backed Bitcoin ETP (BTCE). The product lineup will remain unchanged for now, with eventual rebranding to Bitwise. ETC Group co-founder Bradley Duke highlights cultural alignment as a key factor in the deal. This acquisition boosts Bitwise’s assets under management to over $4.5 billion. Current customers don’t need to take any action, and no tax events are anticipated for Italian investors. This acquisition is part of Bitwise’s broader strategy to provide extensive support and innovative solutions in digital assets for European investors.
Digital Asset Management, Exchange Traded Products (ETP),United States, Europe, Italy
https://www.globenewswire.com/news-release/2024/08/19/2932165/0/it/Bitwise-acquisisce-ETC-Group-ed-espande-la-sua-presenza-in-Europa.html