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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.