Bitwise, a crypto asset manager, has broadened its presence in Europe by acquiring London-based ETC Group, which fields nine Europe-listed exchange-traded products, including notable ones such as the physical bitcoin product (BTCE) and the staked ether ETP (ET32). This strategic acquisition allows Bitwise to increase its AUM significantly, by integrating ETC Group's $1 billion assets into its own, leading to a total exceeding $4.5 billion as per their announcement on Monday.
The acquisition of ETC Group is a key move for Bitwise as it seeks to expand its foothold in the European market. With this purchase, Bitwise not only enhances its product offering but also scales its assets effectively, integrating a suite of exchange-traded products that include physical and staked bitcoin, thereby positioning itself prominently for potential future growth in the region.
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