Bitwise Asset Management has sealed the second takeover of a European cryptocurrency specialist by a US financial group in the past three months. The US crypto fund manager has closed a deal to acquire London-based ETC Group, expanding its footprint into Europe for the first time, the groups announced on Monday.
Our footprint is almost entirely in Europe. It’s a stronger-together kind of story,” said Duke, with ETC’s only operations outside Europe being distribution channels in the Middle East, Africa and Asia. Its products are not licensed for sale in the US. ETC manages $1.1bn across nine German-domiciled exchange traded crypto products, with $950mn of that accounted for by its flagship Physical Bitcoin ETP .
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