The company’s CEO Michael Sonnenschein shared information that Grayscale Investments is preparing to expand into Europe. This is reported Bloomberg.
He added that there is no decision yet on which countries and products will be the first. In addition, he is discussing possible timelines with local partners. It is expected that Grayscale will conduct a series of pilot tests in several markets.
“Given that the EU is unified, we do not consider the entire European market as one. We will be very thoughtful and methodical with every financial center we launch. Because we are aware of differences in investor behavior and attitudes, as well as in regulatory regimes,” Sonnenschein said.
As of April 26, the value of assets in the company’s 14 cryptocurrency investment funds was about $30 billion, of which approximately $24.5 billion was in the bitcoin trust.
Here’s a look at our 14 single asset crypto investment funds as of 4/25/2022.
AUM and other stats on all Grayscale products are updated daily on our website: https://t.co/1WBt5qD8Zo$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $SOL $XLM $ZEC $ZEN pic.twitter.com/ELHwldtB7r
— Grayscale (@Grayscale) April 25, 2022
The editors of Bloomberg suggested that the firm will face tough competition during the expansion. According to the publication, more than 80 exchange-based crypto products with a total assets of $7.1 billion are listed in Western Europe.
Key providers include: CoinShares, 21Shares AG and VanEck.
Spot cryptocurrency ETPs are also traded on European exchanges. In the US, the regulator only considers applications to launch similar products.