Grayscale Investments Is Looking at Expanding into European Market for Digital Asset Funds

Grayscale Investments, which oversees the $30 billion+ Grayscale Bitcoin Trust (GBTC), is reportedly looking at further expanding into the European market for digital asset funds.

Grayscale will be meeting with various partners in order to discuss matters related to entering the European markets, according to company Chief Executive Michael Sonnenshein.

At this time, no decisions have been made regarding which nations or exchanges will be targeted, according to Sonnenshein, who is expected to speak at the Consensus 2022 in June of this year.

The European crypto-asset fund market has become significantly more competitive, with exchange-traded products (ETP) now listed in Germany, Switzerland, and other jurisdictions by companies like 21Shares.

As of March 2022, there were 73 cryptocurrency-based ETPs that had been approved in Europe, with assets totaling $7B.

In addition to preparing  its entry into this fast-evolving market, Grayscale Investments is also looking to convert its Bitcoin (BTC) trust into an exchange-traded fund (ETF) in the United States.

However, the firm has been quite frustrated with the approach taken by the US Securities and Exchange Commission (SEC). The US financial markets regulator has so far approved four different Bitcoin futures ETFs, however, none of these invest in the cryptocurrency directly.

Sonnenshein says that he is still optimistic, noting that it’s just a “matter of when and not if” that the SEC approves a Bitcoin spot ETF.

As covered, Grayscale Investments is a subsidiary of the Digital Currency Group (DCG).

As reported earlier this year, Grayscale has announced the launch of Fintech ETF. Labeled Grayscale Future of Finance ETF (NYSE: GFOF), the vehicle is said to be the first equity ETF to track the performance of the Bloomberg Grayscale Future of Finance Index.

Grayscale is best known for its market-leading funds that trade on OTC markets that provide access to digital currencies.

The top ten holdings of the Fund include:

  • PayPal Holdings
  • Coinbase Global Inc
  • Silvergate Capital Corp
  • Robinhood Markets Inc
  • Block Inc
  • Plus500 Ltd
  • Argo Blockchain
  • Hut 8 Mining Corp
  • Bitfarms Ltd/Canada
  • Hive Blockchain Technologies

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