CEO Michael Sonnenshein said the firm’s European rollout would be done
piecemeal due to various regulatory regimes and investor attitudes.
Digital asset manager Grayscale Investments is planning to expand its
product offerings into Europe to tap into growing institutional demand
for cryptocurrencies in the region, CEO Michael Sonnenshein confirmed
Tuesday.
In an interview with Bloomberg, Sonnenshein said
the company was holding meetings with local partners to discuss how
Grayscale’s suite of products would be rolled out in the region. The
company hasn’t made any definitive plans regarding which exchanges and
countries would be supported initially, though Grayscale plans to launch
pilot tests in several markets across the European Union.
Sonnenshein
explained that Grayscale would be looking at investor behaviors and
local regulations in determining its product rollout. “Although the EU
is unified, we don’t view the entire European market as in fact one
market,” he said. “Instead we’re going to be very thoughtful, very
methodical about each of the financial centers and financial hubs that
we ultimately launch in.”
Grayscale is by far the world’s largest
crypto fund manager, with over $35.7 billion in assets under management
as of Monday. The Grayscale Bitcoin Trust, which trades under the ticker
symbol GBTC, has amassed nearly $25.8 billion in assets. Meanwhile, the
recently launched smart contract fund that excludes Ethereum already has more than $3.7 million under management.
Related: Institutional investment flows out of ETH and into competing L1 altcoins
Grayscale has been trying to convert its flagship GBTC product into a spot exchange-traded fund,
something that the United States market currently lacks. Grayscale has
expressed a willingness to take legal action against the Securities and
Exchange Commission should it deny its application.
As Bloomberg
noted, the European market has over 80 crypto exchange-traded products,
including 60 that were launched before 2022.
source link : https://cointelegraph.com/news/grayscale-to-expand-crypto-fund-offering-into-europe
