(Bloomberg) — Crypto exchange-traded fund provider Bitwise Asset Management is acquiring ETC Group, a London-based digital asset issuer, adding to a string of deals within the ETF industry.

Terms of the deal were not disclosed. At the close of the transaction, San Francisco-based Bitwise will manage $4.5 billion, the company said in a statement on Monday. London-based ETC Group, whose products include a physically backed Bitcoin fund, has about $1.1 billion in assets under management, according to its website.

There is an exchange-traded fund for almost every theme or strategy, leaving the arena saturated and driving consolidation within the industry. Valkyrie Investments Inc. The US-based company this year sold its ETF business to rival CoinShares. Last year, TCW Group, an asset manager with a long history of managing bond funds, bought an ETF business from activist investor Engine No. 1, while Cathie Wood's Ark Investment Management earned other ETF issuer Rize ETF Limited.

Some firms have pursued international expansion through acquisitions rather than developing their own products.

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Bradley Duke, founder of ETC Group, declined to provide further details on the acquisition.

Bitwise was one of more than 10 firms to launch a Bitcoin ETF earlier this year. Its acquisition of ETC Group marks an expansion into Europe, where crypto exchange-traded products have existed for a while.

The deal “allows us to serve European investors, provide clients with global insights and expand the product suite,” Bitwise Chief Executive Hunter Horsley said in the statement.