Bitwise to Acquire ETC Group, Expanding ETF Assets to $4.5 Billion
Bitwise is elevating its ETF strategy with a new acquisition. The firm has announced plans to acquire ETC Group, a London-based digital asset issuer.
Details of the acquisition deal are not yet disclosed.
Once finalized, this deal will increase Bitwise’s assets under management to $4.5 billion, adding to ETC Group’s $1.1 billion. ETC Group is known for its high-profile products, including a Bitcoin fund that is physically backed.
Such acquisitions are common in the financial industry, often used to expand internationally or strengthen a firm’s position without creating new products from scratch. For example, earlier this year, Valkyrie sold its ETF business to CoinShares to enhance its presence in the U.S. digital asset market.
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In recent transactions, TCW Group acquired ETF assets from Engine No. 1, and ARK Investment Management purchased Rize ETF Limited.
Bitwise is actively growing its digital asset portfolio. Following the launch of its spot Bitcoin ETF in January and an Ethereum ETF in June, the firm is gaining traction among institutional investors. Recently, a $40 billion institutional consultant selected BITB for its Bitcoin investments.
Bitwise’s Chief Investment Officer, Matt Hougan, anticipates significant growth in the ETF sector for cryptocurrencies, forecasting diverse crypto and index-based ETFs by 2025. The firm is also seeking to enhance its offerings by filing with the SEC to include options on its spot Ethereum ETF.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
