Grayscale Investments plans to expand to Europe

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2022-04-29 07:39:23

Grayscale Investments, the world’s largest digital asset manager, will expand into Europe. “We will be very thoughtful, very systematic about each financial center that we deploy,” said the CEO.

Grayscale enters Europe

The world’s largest digital asset manager, Grayscale Investments, is poised to expand into Europe, CEO Michael Sonnenshein told Bloomberg on Tuesday.

He explained that a decision has yet to be made regarding which exchanges, products, and countries Grayscale will target first. The CEO revealed that he has been meeting with various domestic partners to discuss the launch timeline, adding that the company plans to run a series of tests in other markets. together.

“Although the EU is unified, we do not consider the entire European market to be in fact one market,” Sonnenshein describes and further explains:

“Instead, we will be very thoughtful, very systematic about each financial center we launch, because we recognize the differences in investor behavior and attitudes as well as investors. management mode.”

There are more than 80 exchange-traded crypto products listed in Western Europe, the publication said. However, in the United States, the Securities and Exchange Commission (SEC) has yet to approve a bitcoin spot exchange-traded fund (ETF).

Grayscale has filed with the SEC to convert its flagship bitcoin fund (GBTC), which has about $25 billion in assets under management, into a spot bitcoin ETF. The SEC is expected to make a decision in July. Sonnenshein recently said that the securities regulator’s refusal to approve a spot bitcoin ETF is a “potential basis for violation of the Administrative Procedures Act.”

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