Crypto fund supervisor Bitwise is increasing to a brand new continent via an acquisition of London-based ETC Group, the corporate stated Monday.
ETC Group’s 9 European-listed, bodily backed crypto ETPs — together with choices targeted on bitcoin, Ethereum staking, solana and XRP — are set to be rebranded to incorporate the Bitwise title within the coming months.
Bringing ETC Teams’ greater than $1 billion of property beneath administration beneath Bitwise raises the buying agency’s asset base to about $4.5 billion.
“This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs,” Bitwise CEO Hunter Horsely stated in a press release.
The San Francisco-based issuer was among the many issuers that launched the primary US spot bitcoin ETFs in January. It adopted that up by bringing, alongside others, a spot ether product to the American market final month.
Bitwise has overwhelmed out most different smaller, crypto-focused fund managers by way of gathering internet inflows for these funds. The Bitwise Bitcoin ETF (BITB) ranks fourth in that class — behind BlackRock, Constancy and a product by Ark Make investments and 21Shares. Its Bitwise Ethereum ETF (BITW) trails solely BlackRock and Constancy.
The corporate’s BTC and ETH ETFs have asset bases amounting to roughly $2.3 billion and $240 million, respectively.
This transfer isn’t the primary consolidation we’ve seen within the crypto fund house.
Europe-focused CoinShares closed its acquisition of Valkyrie’s fund enterprise in an effort to assist it construct a US presence. The agency gained roughly $530 million of property beneath administration throughout 4 funds.
The completion of that deal happened two months after Valkyrie launched its spot bitcoin ETF on the Nasdaq.
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