Bitwise Acquisition of ETC Group Adds to ETF Dealmaking Wave

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.