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, Sonnensheinthe 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 launchedalready more than $3.7 million under management.
Here’s a look at our 14 single asset crypto investment funds as of 4/25/2022.
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Grayscale has been trying to convert its flagship GBTC product into a, 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.