Bitwise Acquires ETC Group

The digital asset manager Bitwise has acquired ETC Group, an issuer of cryptocurrency exchange-traded products (ETPs) based in London.

This move brings Bitwise’s total assets under management to over $4.5 billion and adds nine European-listed digital asset ETPs to its product offerings, bolstering its 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,” said Bitwise CEO Hunter Horsley in a statement.

Bitwise is the issuer of the spot bitcoin exchange-traded fund BITB, which recorded $54.07 million in trading volume on its most recent trading day, according to The Block’s Data Dashboard. BITB holds 3.74% of the spot Bitcoin ETF market share volume.

Bitwise’s spot ether ETF, ETHW, began trading in July of this year, with a share price of $18.83 as of 9:35 a.m. ET (13:35 UTC), according to The Block Prices. The fund had a daily trading volume of $4.12 million as of Aug. 16.