Michael Sonnenshein, the new CEO of digital asset manager Grayscale Investments, said Friday a wider range of institutional investors are now taking an interest in cryptocurrency.

  • “We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions and endowments,” Sonnenshein told Bloomberg.
  • "The sizes of allocations they are making are growing rapidly as well,” he said.
  • Sonnenshein took over from Barry Silbert as CEO Thursday, having been the firm's managing director for three years.
  • Grayscale offers a number of cryptocurrency trusts, bringing investors exposure to the asset class without needing to hold the underlying assets directly.
  • According to a Thursday tweet, the firm now has $27.5 billion in assets under management.
  • Also today, Grayscale announced it has reduced its management fee on the Digital Large Cap Fund from 3.0% to 2.5%.
  • The New York-based, SEC-regulated firm is owned by Digital Currency Group, the parent company of CoinDesk.

Read more: Crypto Investment Firm Grayscale Names New CEO, Plans to Double Staff in 2021

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