Bitwise Expands Into Europe With ETC Group Acquisition, Adding 9 Crypto ETFs

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.

While
the
financial
terms
were
not
disclosed,
the
acquisition
brings
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.

Bitwise
Adds
BTC,
XRP
And
SOL
ETPS
To
Its
Arsenal

Included
in
the
ETPs
Bitwise
has
added
to
its
portfolio
are
what
it
calls
“the
largest
and
most
heavily
traded
physical
Bitcoin
ETP
(BTCE).”

Fully-backed
Ethereum
with
staking
(ET32),
Solana
(ESOL),
XRP
(GXRP)
and
the
MSCI
Digital
assets
Select
20
(DA20)
funds
have
been
acquired.

‘Bitwise
goes
to
Europe’

https://t.co/ZE8QbUn7Wl

—
James
Seyffart
(@JSeyff)

August
19,
2024

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.

Since
its
inception,
the
fund
has
become
“one
of
the
25
fastest-growing
ETPS
of
all
time,”
said
the
announcement.
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
topping
$300
million
in
its
first
few
weeks.

Bitwise’s
Spot
BTC
ETF
Sees
Outflows
While
Its
ETH
Fund
Sees
Some
Additional
Investment

Data
from


Farside
Investors

shows
that
BITB
was
one
of
the
only
two
funds
to
record
outflows
yesterday.
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.

Looking
at
spot


Ethereum
ETF
flows

for
the
same
day,
Bitwise’s
ETHW
was
one
of
the
only
funds
to
record
inflows.
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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