US crypto index fund manager Bitwise Asset Management has expanded into Europe by acquiring London-based crypto exchange-traded product issuer ETC Group. Financial terms of the deal were not disclosed.
The acquisition adds nine European-listed crypto ETPs, including the largest physically backed Bitcoin fund in Europe, and increases Bitwise’s assets under management to over $4.5 billion. This move comes during a busy year for the firm, which was one of the ten companies to receive approval to launch a Bitcoin ETF in the US.
Hunter Horsley, CEO of Bitwise, stated, “This acquisition allows us to serve European investors, offer clients global insight, and expand the product suite with innovative ETPs.”
Bitwise’s entry into the European market follows a recent agreement by Robinhood, another major US player, to acquire UK-based crypto exchange Bitstamp for $200 million.