Grayscale Eyeing Expansion Into European Crypto Fund Market: Report

Grayscale is meeting with local partners to discuss entering the European market, CEO Michael Sonnenshein said.

AccessTimeIconApr 26, 2022 at 2:46 p.m. UTC
Updated May 11, 2023 at 5:37 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Grayscale Investments, which runs the $30 billion Grayscale Bitcoin Trust (GBTC), is looking at expanding into the European market for crypto funds, Bloomberg reported Tuesday.

  • Grayscale is meeting with local partners to discuss entering the European market, CEO Michael Sonnenshein said.
  • No decisions have been made about which countries or exchanges will be targeted, said Sonnenshein, who is scheduled to speak at Consensus 2022 in June.
  • The European crypto fund market has become more competitive in recent months, with exchange-traded products (ETP) listed in Switzerland, Germany and elsewhere by firms such as 21Shares.
  • As of March, 73 crypto ETPs had been approved in Europe, with a total of $7 billion in assets.
  • Aside from plotting a way into this market, Grayscale is also seeking to convert its bitcoin (BTC) trust into an exchange-traded fund (ETF) in the U.S. but has been frustrated by the Securities and Exchange Commission (SEC). The U.S. markets regulator has approved four bitcoin futures ETFs but none that invest in the crypto directly.
  • Sonnenshein remains optimistic however saying recently that it is a "matter of when and not if" the SEC approves a bitcoin spot ETF.
  • Grayscale Investments is a subsidiary of Digital Currency Group, also the parent company of CoinDesk.
  • The firm had not replied to an emailed request for comment by publication time.
  • What's the Biggest Misconception People Have About Bitcoin Mining?
    00:39
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
    08:53
    Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
  • Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
    01:47
    Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
  • Crypto Fee War Intensifies in South Korea
    01:02
    Crypto Fee War Intensifies in South Korea
  • UPDATE (16:20 UTC April 26): Adds additional bullets on background of GBTC's attempted filing with SEC and Sonnenshein's quote.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about