ETFs & Mutual Funds
ETF Dealmaking Continues With Bitwise Acquisition of ETC Group
- Digital-assets firm deal will aid Bitwise’s Europe expansion
- Transaction is latest to advance consolidation in ETF industry
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Crypto exchange-traded fund provider Bitwise Asset Management is buying ETC Group, a digital-assets issuer based in London, adding to a spate of deals within the ETF industry.
Terms of the deal weren’t disclosed. At the close of the transaction, San Francisco-based Bitwise will manage $4.5 billion, the company said in a statement Monday. London-based ETC Group, whose products include a physically backed Bitcoin fund, has around $1.1 billion of assets under management, according to its website.