European investors will now be able to invest in investment products of crypto asset manager Bitwise, as the latter has expanded to the region.
Bitwise, one of the issuers of the spot crypto ETFs in the US this year, has made a new announcement. The crypto asset manager has made an acquisition to expand to Europe. It has bought the ETC Group, which was an operator of crypto exchange-traded products (ETPs) in the region.
The group also had over $1 billion in assets under management. With the latest expansion, Bitwise looks set to offer its products to a new set of investors exclusively from Europe.
Publishing a press release, Bitwise said it will add nine crypto ETPs to its portfolio after the buyout. It already has a broad range of products and services under its management. On the other hand, the ETC Group had crypto ETPs of digital assets ranging from BTC, ETH, and SOL.
The CEO of Bitwise, Hunter Horsley, said, “Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specialized in this fast-growing asset class,” and further added, “This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs.”
Spokespeople from the ETC Group also hailed the deal and noted its potential for the future. Meanwhile, according to the press release, after the deal, Bitwise would have $4.5 billion of assets under management. Its two landmark spot crypto ETFs in the US have also gained prominence in a short period.
While its spot, Bitcoin ETF, has over $2 billion in assets, the latest spot, Ethereum ETF, has about $300 million. With its European market expansion, the firm may gather pace in acquiring new crypto investors.
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