Today San Francisco based Bitwise announced it acquired London-based crypto asset manager ETC Group which is active across mainland Europe. With ETC managing $1.1 billion in assets, the acquisition brings Bitwise’s assets under management (AUM) to over $4.5 billion. Bitwise did not disclose the terms of the deal.
A single Bitcoin exchange traded product, BTCE, accounts for over 85% of of ETC Group’s AUM. However, ETC Group has a range of crypto offerings. While every unit is backed one for one by the physical cryptocurrency, its exchange traded commodities are debt issuances backed by the asset.
For Bitwise, its spot Bitwise Bitcoin ETF (BITB) is also its largest product with over $2 billion in AUM. It was one of the eleven ETFs that received SEC approval in January.
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