Bitwise Controls European Market With ETC Group Acquisition
JAKARTA - Bitwise Asset Management, a crypto asset management company from the United States, further strengthens its presence in the European market by acquiring the ETC Group, a London-based crypto trading product provider (ETP).
This strategic move makes Bitwise a more powerful global player with total managed assets (AUM) exceeding 4.5 billion US Dollars (approximately IDR 69 trillion) and added nine ETPs of Europe-listed cryptocurrencies to its portfolio.
This acquisition is part of Bitwise's efforts to expand its reach and serve investors in Europe, in line with the company's ambition to become a reliable global crypto asset manager. The ETC Group is known for its bitcoin physical ETP product, BTCE, which will remain unchanged.
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Quoted from Bitcoin.com News, in its official statement, Bitwise CEO Hunter Horsley said that this expansion will increase the company's ability to provide comprehensive crypto investment solutions for clients around the world.
"Bitwise is building a global crypto asset manager for investors and financial advisors looking for the best partners in its class, which is specialized in this fast-growing asset class," Horsley said.
In addition, this acquisition also allows Bitwise to offer its clients global insight and expand its product series with innovative ETPs. Since the launch of the spot's ETF on January 11, 2024, Bitwise has drawn positive inflows of 2.04 billion US Dollars (approximately IDR 31.5 trillion), while its ETF ethereum earned 305 million US Dollars (approximately IDR 4.7 trillion) in ether. As of August 16, Bitwise's bitcoin spot ETF secured 37,993.13 BTC, while ETP physical bitcoin belonging to the ETC Group had a reserve of 16,355 BTC worth about 954 million US Dollars (approximately IDR 14.7 trillion) based on the BTC exchange rate as of August 19.
This acquisition marks a new chapter for Bitwise in pursuing opportunities in the dynamic European market, while strengthening its position as one of the global leaders in crypto asset management.