Bitwise Acquires London-Based ETP Provider ETC Group to Enter Europe

• The financial terms of the acquisition were not disclosed.
• ETC Group offers nine Europe-listed exchange-traded products, including a physical bitcoin product (BTCE) and staked ether ETP (ET32).

Crypto asset manager Bitwise expanded into Europe with the purchase of London-based ETC Group, adding nine exchange-traded products (ETP) in the region to its stable.

Financial terms were not disclosed for the acquisition, which adds ETC Group's $1 billion in assets under management (AUM) to Bitwise's AUM, taking it to above $4.5 billion, according to an announcement on Monday .

ETC Group's Europe-listed ETPs include a physical bitcoin product (BTCE) and staked ether ETP (ET32).

Bitwise, which is among the issuers of spot bitcoin and ether exchange-traded funds (ETFs) in the U.S., says it plans to expand ETC Group's platform in Europe.

ETPs are an umbrella term for investment products listed on exchanges that also incorporate ETFs. Crypto-pegged products have been listed in Europe for significantly longer than they have been available in the U.S. , under the ETP designation for the most part.

Having finally been able to list spot crypto ETFs in the U.S. this year, some companies such as Bitwise may be looking across the pond for investment opportunities via companies who have been listing similar products for several years.

“Bitwise is building a global crypto asset manager for investors and financial advisors who want a best-in-class partner specialized in this fast-growing asset class,” said Hunter Horsley, Bitwise’s CEO.

Bitwise's bitcoin ETF in the U.S. (BITB) has around $2.2 billion in assets while its ether equivalent (ETHW) has just over $300 million.

Read More: Ether Spot ETFs to Attract $15B of Net Inflows in First 18 Months: Bitwise

UPDATE (Aug. 19, 15:35 UTC): Adds additional detail and background throughout.