Digital currency investing and asset management firm Grayscale is getting ready to enter the European market. The CEO of the firm Michael Sonnenshein told Bloomberg about the plans.
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Reportedly, it is not certain on which markets and countries Grayscale will offer its products. Sonnenshein said that he is holding a meeting with different partners to decide on the launch terms. The company intends to carry out pilot tests in various markets.
As of data from April 26, 2022, Grayscale holds around 30 bln in cryptocurrencies under management. The largest of its funds is Bitcoin Trust with over 25.7 bln. Previously, Grayscale filed an application with the SEC to turn the BTC Trust into a Spot Exchange-Traded Fund.
Bloomberg predicts that Grayscale will see strong competition as there are over 80 exchange-traded cryptocurrency products listed in western Europe. According to data from Bloomberg, in total, they have $7.1 bln in assets.
On average, of the 60 products launched before 2022, the average product has lost 25% year-to-date. GrayScale CEO told Bloomberg that the company doesn't view the European market as one market, but will take a methodical approach before the centers they will ultimately launch in.