Bitwise Asset Administration has introduced the acquisition of London-based ETC Group, the issuer of Europe’s largest bodily Bitcoin ETP (BTCE), based on a press launch despatched to Bitcoin Journal. This acquisition not solely expands Bitwise’s international footprint but in addition provides greater than $1 billion in property below administration to its portfolio.

“Bitwise is constructing a world crypto asset supervisor for traders and monetary advisors who desire a best-in-class accomplice specialised on this fast-growing asset class,” stated Bitwise CEO Hunter Horsley. “This acquisition permits us to serve European traders, to supply shoppers international perception, and to increase the product suite with revolutionary ETPs. We’re pleased with the fame we’ve constructed over the past six years with advisors, establishments, and traders as a classy asset supervisor in crypto markets, and stay up for bringing this experience to European traders.”

Based in 2019, ETC Group has constructed a fame as a number one crypto ETP issuer in Europe, providing a collection of bodily backed merchandise that embody Bitcoin and different cryptocurrencies. Over the approaching months, these ETPs might be rebranded below the Bitwise title, though the core funding methods will stay unchanged.

“We expect Bitwise is constructing the best-of-breed agency for this new asset class and have confirmed their professionalism and management over a few years,” stated ETC Group co-founder Bradley Duke. “For an asset administration agency, tradition and values are important, and we couldn’t be extra excited to proceed our work in Europe as a part of Bitwise.”

With the addition of ETC Group’s merchandise, Bitwise’s complete property below administration now exceed $4.5 billion, with their U.S. spot Bitcoin ETF (BITB) changing into one of many 25 fastest-growing ETPs of all time, closing in on over $2 billion in property at the moment, based on the press launch.