US Crypto Manager Bitwise Asset Management Seals European Expansion Deal
US Crypto Manager Bitwise Asset Management Enters European Market
US crypto manager Bitwise Asset Management has successfully acquired London-based ETC Group, marking its first foray into the European landscape. This acquisition, indicative of the growing influence of US investment firms in Europe, was announced on Monday and comes shortly after Robinhood’s acquisition of European cryptocurrency exchange Bitstamp.
Expanding Product Offerings
With this deal, Bitwise is poised to better serve European investors by enhancing its product suite with innovative exchange-traded products (ETPs). CEO Hunter Horsley declared, “This acquisition allows us to serve European investors and expand our global insight.” Bitwise’s assets under management are expected to reach around $4.5 billion post-acquisition.
European Market Dynamics
ETC Group manages $1.1 billion across multiple German-domiciled exchange-traded crypto products, including a flagship Physical Bitcoin ETP (BTCE). With a more evolved market, Europe allows for a broader range of cryptocurrency products compared to the US, where only bitcoin and ether have been sanctioned for ETFs.
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