Grayscale Looks to Europe for Expansion
[ad_1]
Key Takeaways
Grayscale has plans to expand into Europe.
According to CEO Michael Sonnenshein, the firm will need to do so thoughtfully and methodically.
The firm has an open application with the SEC for a Bitcoin spot ETF.
Share this article
Grayscale is looking to expand its crypto product offerings into Europe, a continent where investors have already had access to crypto spot exchange-traded funds for five years.
Grayscale’s Intercontinental Plans
The largest digital asset manager is making preparations for further growth at a time when prices of crypto assets have stagnated.
According its chief executive officer Michael Sonnenshein, Grayscale Investments LLC is going to expand its business into Europe. In an interview today in London, Sonnenshein noted that the path forward into Europe was still unclear in terms of which exchanges or countries it would expand into, as well as which products to initially offer. He noted that this was being worked out via discussions with local partners and via the carrying out of pilot tests.
Sonnenshein:
“Although the EU is unified, we don’t view the entire European market as in fact one market. Instead we’re going to be very thoughtful, very methodical about each of the financial centers and financial hubs that we ultimately launch in, because we recognize the differentiation of investor behaviors and attitudes, and of regulatory regimes.”
The Grayscale Bitcoin Trust stewards around $30 billion worth of the top crypto asset. It is a popular way for investors, especially institutions, to gain exposure to cryptocurrencies without themselves having to securely manage their private keys. Moreover, the GBTC allows for crypto investing without actually having to use a crypto exchange or brokerage, as GBTC is oftentimes available for trade on the stock market.
Grayscale has an open application with the Securities and Exchange Commission to convert its Grayscale Bitcoin Trust into a Bitcoin spot ETF that directly tracks Bitcoin as its underlying asset. The firm has often been the SEC’s most public critic when it comes to its repeated refusal to approve Bitcoin spot ETFs. Recently, Sonnenshein said that the company would consider suing the SEC if they did not approve its open Bitcoin spot ETF application. The SEC did seek comment from the public on the matter, and it subsequently received hundreds of letters.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
[ad_2]
Source link
