Key Takeaways
- • Bitwise Asset Management has acquired ETC Group, a London-based crypto ETP issuer managing over US$1 billion in assets under management, marking Bitwise's strategic expansion into the European market.
- • The acquisition adds nine European-listed crypto exchange-traded products (ETPs) to Bitwise's existing portfolio of ETPs, hedge fund solutions, and separately managed accounts.
- • Latham & Watkins LLP provided comprehensive legal counsel across multiple practice areas, including corporate, financial regulatory, tax, antitrust, compensation and benefits, intellectual property and data privacy, and anti-bribery and corruption matters.
- • The deal was led by Latham Bay Area partners Saad Khanani and Ben Potter on the corporate side, with support from specialized counsel across London and Frankfurt offices covering European regulatory requirements.
Summary
Bitwise Asset Management has completed the acquisition of ETC Group, a London-based issuer of crypto exchange-traded products, in a move that expands the asset manager's European footprint and product offerings. ETC Group brings over US$1 billion in assets under management to the transaction, along with a suite of nine European-listed crypto ETPs that will integrate into Bitwise's broader platform of ETP solutions, hedge fund offerings, and separately managed accounts.
The acquisition reflects Bitwise's strategic push to establish a more substantial presence in European cryptocurrency investment markets, where regulatory frameworks and institutional adoption have matured considerably. By acquiring ETC Group's established European ETP infrastructure, Bitwise gains both institutional-grade products and regulatory standing across multiple European jurisdictions without requiring lengthy operational buildouts.
Latham & Watkins LLP served as legal counsel to Bitwise across a full spectrum of transaction-critical disciplines. The corporate representation was led by Bay Area partners Saad Khanani and Ben Potter, supported by associates Leah Adeniran, Alayna Kenney, and AJ Yoxsimer. Given the cross-border nature of the transaction and the complex regulatory environment surrounding crypto assets in Europe, the firm assembled a multidisciplinary team: London partner Stuart Davis and Frankfurt partner Axel Schiemann (with counsel Frank Bierwirth and associate Emma Tran) handled financial regulatory matters; London partner Aoife McCabe and associate Nicole Lim addressed tax considerations; London partner Jonathan Parker and associate James Mathieson managed antitrust review; London partner Kendall Burnett and associate Anna Cloke covered compensation and benefits; London partner Fiona Maclean with associates Irina Vasile, Oscar Bjartell, and Edgar Lee handled intellectual property and data privacy; and associates Annie Birch and Thomas Lane provided counsel on anti-bribery, corruption, and sanctions compliance.
The transaction demonstrates the growing institutional maturity of the cryptocurrency asset management sector, with established legal counsel deploying specialized expertise across regulatory, tax, and compliance dimensions typical of large cross-border M&A transactions in traditional financial services.
The acquisition reflects Bitwise's strategic push to establish a more substantial presence in European cryptocurrency investment markets, where regulatory frameworks and institutional adoption have matured considerably. By acquiring ETC Group's established European ETP infrastructure, Bitwise gains both institutional-grade products and regulatory standing across multiple European jurisdictions without requiring lengthy operational buildouts.
Latham & Watkins LLP served as legal counsel to Bitwise across a full spectrum of transaction-critical disciplines. The corporate representation was led by Bay Area partners Saad Khanani and Ben Potter, supported by associates Leah Adeniran, Alayna Kenney, and AJ Yoxsimer. Given the cross-border nature of the transaction and the complex regulatory environment surrounding crypto assets in Europe, the firm assembled a multidisciplinary team: London partner Stuart Davis and Frankfurt partner Axel Schiemann (with counsel Frank Bierwirth and associate Emma Tran) handled financial regulatory matters; London partner Aoife McCabe and associate Nicole Lim addressed tax considerations; London partner Jonathan Parker and associate James Mathieson managed antitrust review; London partner Kendall Burnett and associate Anna Cloke covered compensation and benefits; London partner Fiona Maclean with associates Irina Vasile, Oscar Bjartell, and Edgar Lee handled intellectual property and data privacy; and associates Annie Birch and Thomas Lane provided counsel on anti-bribery, corruption, and sanctions compliance.
The transaction demonstrates the growing institutional maturity of the cryptocurrency asset management sector, with established legal counsel deploying specialized expertise across regulatory, tax, and compliance dimensions typical of large cross-border M&A transactions in traditional financial services.
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