Bitwise acquires physical bitcoin ETP issuer ETC Group amidst European expansion
Quick Take
- The digital asset manager Bitwise acquired the London-based crypto ETP issuer ETC Group.
- The move brings Bitwise’s total assets under management to $4.5 billion and adds nine European crypto ETPs to its product offerings.
The digital asset manager Bitwise has acquired ETC Group, an issuer of cryptocurrency exchange-traded products (ETPs) based in London.
The move brings Bitwise's total assets under management to over $4.5 billion, adds nine European-listed digital asset ETPs into Bitwise's product offerings and bolsters Bitwise's expansion into Europe.
"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 Horsley said in a statement.
Bitwise is the issuer of the spot bitcoin exchange-traded fund BITB, which brought in $54.07 million in trading volume on its most recent day of trading, according to The Block's Data Dashboard. BITB maintains 3.74% of the spot Bitcoin ETF market share volume.
Bitwise's spot ether ETF, ETHW, began trading in July of this year. The fund traded at $18.83 per share as of 9:35 a.m. ET (13:35 UTC), according to The Block Prices. The fund brought in $4.12 million in daily trading volume as of Aug. 16.
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