The American digital asset manager Grayscale Investments is preparing an expansion into Europe. CEO Michael Sonnenshein told Bloomberg.
According to him, no decision yet on which countries and products will be first. He is also discussing timelines with local partners. It is expected that Grayscale will conduct a series of pilot tests on several markets.
“Although the EU is unified, we do not view the entire European market as a single one. Instead, we will be very thoughtful and methodical about each financial centre for a launch. Because we recognise differences in investor behaviour and attitudes, as well as in regulatory regimes,” Sonnenshein said.
As of April 26, assets under management across 14 single-asset crypto investment funds totaled about $30 billion. Of these, roughly $24.5 billion were in the Bitcoin Trust.
Here’s a look at our 14 single asset crypto investment funds as of 4/25/2022.
AUM and other stats on all Grayscale products are updated daily on our website: https://t.co/1WBt5qD8Zo$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $SOL $XLM $ZEC $ZEN pic.twitter.com/ELHwldtB7r— Grayscale (@Grayscale) April 25, 2022
Bloomberg notes that the firm will face stiff competition as it expands in Western Europe. According to the agency, more than 80 exchange-traded crypto products are listed in Western Europe, with total assets of $7.1 billion.
Among the main providers of such instruments are: CoinShares, 21Shares AG and VanEck.
On European exchanges, spot crypto exchange-traded products ETP are traded. In the United States, the regulator has not approved any applications to launch such products yet.
Earlier, Grayscale anticipated transformation of its Bitcoin Trust into an ETF. In March, Sonnenshein described this the most important priority for the company.