By Anjali Kochhar
Bitwise Asset Management has finalised its acquisition of London-based ETC Group, marking a significant expansion into the European cryptocurrency market. This move follows Robinhood’s $200 million acquisition of Bitstamp earlier this year, signalling a broader trend of US financial firms leveraging their substantial resources to penetrate European markets.
According to media reports, Bitwise’s acquisition of ETC Group is the second instance of a US firm expanding into Europe with a crypto-focused deal in the past few months. The deal enables Bitwise to “serve European investors, offer clients global insight, and expand the product suite with innovative ETPs.” This acquisition not only expands Bitwise’s footprint but also allows it to tap into ETC Group’s established product range and market presence.
Hunter Horsley, CEO of Bitwise, highlighted the strategic importance of this move: “We’re proud of the reputation we have built over the past six years with advisers, institutions and investors as a sophisticated asset manager in crypto markets, and look forward to bringing this expertise to European investors.”
Bradley Duke, co-founder and chief strategist of ETC Group, expressed confidence in the merger, stating, “We think Bitwise is building the best-of-breed firm for this new asset class and have proven their professionalism and leadership over many years.” He added that the acquisition would allow Bitwise to offer a broader range of cryptocurrency products in Europe, a market that is “more evolved than in the US,” with products such as second-tier cryptocurrencies and ETPs engaging in staking.
ETC Group currently manages $1.1 billion across nine German-domiciled exchange-traded crypto products, including its flagship Physical Bitcoin ETP (BTCE). This acquisition will enable Bitwise to diversify its portfolio and explore new markets.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
