Grayscale will expand its cryptocurrency fund offering to Europe

The digital wealth manager Grayscale Investments plans to expand its product offering into Europe to capitalize on the growing institutional demand for cryptocurrencies in the old continent. as confirmed by CEO Michael Sonnenschein on Tuesday.

In a Bloomberg interview Sonnenshein said his company is holding meetings with local partners to discuss how to launch Grayscale’s product range in the region. The company hasn’t made final plans for the exchanges and countries that will see the initial launch, although Grayscale plans to launch pilots in several European Union markets.

Sonnenshein stated that Grayscale will consider investor behavior and local regulations when launching its products. “Although the EU is united, we don’t see the entire European market as one,” he said. “Instead, we’re going to be very thoughtful, very methodical about each and every financial center that we ultimately move into. […]”

Grayscale will expand its cryptocurrency fund offering to Europe
Grayscale will expand its cryptocurrency fund offering to Europe

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 non-Ethereum smart contract fund already has over $3.7 million under management.

Grayscale has attempted to convert its flagship GBTC product into a spot ETF, which the US market currently lacks. Grayscale was prepared to take legal action against the Securities and Exchange Commission if it denied her request.

As Bloomberg noted, the European market has more than 80 publicly traded cryptocurrency products, including 60 that launched before 2022.

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