The digital asset manager Grayscale Investments plans to expand its product offering to Europe to take advantage of the growing institutional demand for cryptocurrencies in the old continent, as confirmed on Tuesday by its CEO, Michael Sonnenshein.
In an interview with Bloomberg, Sonnenshein said his company was holding meetings with local partners to discuss how Grayscale’s suite of products would be deployed in the region. The company hasn’t made any definitive plans for which exchanges and countries will see the initial rollout, though Grayscale plans to launch pilots in several European Union markets.
Sonnenshein explained that Grayscale will take into account the behavior of investors and local regulations when determining the launch of its products. “Although the EU is unified, we don’t see the whole European market as one,” he said. “Instead, we’re going to be very thoughtful, very methodical about each of the financial centers that we ultimately launch into. […]”
Grayscale is by far the largest crypto fund manager in the world, with over $35.7 billion in assets under management as of April 25. Grayscale’s Bitcoin Trust, trading under the symbol GBTC, has amassed nearly $25.8 billion in assets. Meanwhile, the recently launched smart contract fund, excluding Ethereum, already has over $3.7 million under management.
Here’s a look at our 14 single asset crypto investment funds as of 4/25/2022.
AUM and other stats on all Grayscale products are updated daily on our website: https://t.co/1WBt5qD8Zo$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $SOL $XLM $ZEC $ZEN pic.twitter.com/ELHwldtB7r— Grayscale (@Grayscale) April 25, 2022
Grayscale has been trying to turn its flagship product GBTC into a spot ETF, something the US market currently lacks. Grayscale has been willing to take legal action against the Securities and Exchange Commission should the latter deny its request.
As noted by Bloomberg, the European market boasts more than 80 publicly traded cryptocurrency products, including 60 that were launched before 2022.
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