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Cryptocurrency News Articles
Crypto Fund Manager Bitwise Expands Into Europe, Acquires London-Based ETC Group
Aug 20, 2024 at 04:44 pm
Crypto fund manager Bitwise has expanded its presence into Europe by acquiring London-based ETC Group, adding 9 exchange-traded products (ETPs) to its portfolio.
Crypto fund manager Bitwise has expanded its presence into Europe with the acquisition of London-based ETC Group, adding nine exchange-traded products (ETPs) to its portfolio in the process.
While the financial terms were not disclosed, the acquisition will add an additional $1 billion in assets under management (AUM) to Bitwise, boosting the firm’s total AUM to over $4.5 billion, according to an Aug. 19 announcement.
Among the ETPs that Bitwise has added to its portfolio is what it claims to be “the largest and most heavily traded physical Bitcoin ETP (BTCE).” Also included are fully-backed Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP) and the MSCI Digital assets Select 20 (DA20) funds.
Bitwise is one of the major players in the crypto space. Earlier this year, it launched its own spot Bitcoin ETF (exchange-traded fund) with the ticker BITB.
According to the announcement, the fund has become “one of the 25 fastest-growing ETPS of all time” since its inception. The fund currently boasts an AUM of over $2 billion.
In July, Bitwise also launched its first spot Ethereum ETF called the Bitwise Ethereum ETF (ETHW). It has also performed well, with its reserves reaching over $300 million in its first few weeks.
According to data from Farside Investors, BITB was one of only two funds to record outflows on Monday, Aug. 18. Franklin's EZBC was the other fund that saw capital leave its reserves.
Many of the spot Bitcoin ETFs recorded zero flows on the day, except for BlackRock’s IBIT and Fidelity’s FBTC. Both of these ETFs managed to keep yesterday’s net flows positive.
On the other hand, Bitwise’s ETHW was one of the only funds to record inflows on Monday. Grayscale's ETH fund also recorded positive flows, while Grayscale's ETHE pushed the net flows for the day into the negatives.
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