World’s biggest Digital asset manager Grayscale Investments is planning to expand its product offerings into Europe


Recently, chief
executive CEO of the world’s biggest digital asset manager Grayscale Investments, Michael
Sonnenshein confirmed that the company is planning to launch expansion beyond
its North American base by expanding its product offerings into Europe. This will
support the growing institutional demand for cryptocurrencies in the region.
In an interview,
executive Michael Sonnenshein said that to discuss the process in which
Grayscale’s suite of products would be rolled out in the region and the launch
timeline, the world’s biggest investment vehicle for cryptocurrencies was holding a
series of meetings with various possible local partners. No concrete plan has
been made regarding which exchanges, which products, and which countries would be
supported initially. Although there is a plan to launch a series of pilot tests
in several different markets across the European Union.
According to Michael
Sonnenshein, the company is not viewing the entire European market as in fact
one market although the EU is unified. 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 because we recognize the differentiation of
investor behaviors and attitudes, and of regulatory regimes.”
Grayscale has
over $35.7 billion in assets under management. The Grayscale Bitcoin Trust,
which has the ticker symbol GBTC, has nearly $25.8 billion in assets. The fund
manager has $36bn of assets invested in funds tracking digital tokens such as
bitcoin and Ethereum. For determining now its product rollout Grayscale which
till the world’s largest crypto fund manager, is looking at investor behaviors
and local regulations.
The company is
trying to convert its flagship GBTC product into a spot bitcoin exchange-traded fund (ETF) which Securities and Exchange Commission (SEC) in the U.S. has not
accepted and is yet to do so. The company has expressed a willingness to take
legal action against the Securities and Exchange Commission in case it denies the
application. Recently smart contract fund launched which excludes Ethereum has
more than $3.7 million under management.
As per publication
European market has over 80 exchange-traded crypto products that are listed in
Western Europe. It also includes 60 that were launched before 2022. This move
into Europe came when the UK and EU took steps to set up a regulatory framework
that will both protect investors and encourage them to see the benefits of
owning and trading digital assets.

Indrani bose
CBW - External Analyst
INDIA