Grayscale to Enter European Market

Grayscale to Enter European Market

Grayscale wants to tap into Europe’s thriving cryptocurrency asset management market

Leading cryptocurrency money manager Grayscale wants to venture into the European market, Bloomberg reports.

Details about Grayscale’s expansion plans remain scant. It is unclear which specific countries it will target or what products will be part of its offering.

CEO Michael Sonnenshein says that its approach will be “very methodical,” claiming that it will focus on separate financial hubs in Europe.

Grayscale, a subsidiary of Barry Silbert’s Digital Currency Group, rules the roost in the U.S. with roughly $35 billion worth of assets under management. Yet, it will probably struggle to get a significant slice of the European market due to stiff competition.

There is a slew of European exchange-traded products issued by such companies as VanEck, CoinShares and 21Shares AG that track the value of Bitcoin, Ethereum and even some exotic altcoins. These products manage more than $7.1 billion worth of assets.

On its home turf, Grayscale is currently fighting tooth and nail to convert its Bitcoin trust into a spot-based exchange-traded fund. The company recently amended its application in a last-ditch effort to sway the U.S. Securities and Exchange Commission before it announces its decision. Grayscale also indicated that it would be ready to sue the regulator in case of a rejection.

In a separate interview with the Financial News, Sonnenshein complained about “double standards” in cryptocurrency regulations. He claims that it is “very difficult to understand” why the SEC keeps rejecting spot ETF proposals despite being comfortable with futures ETFs.

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Original Source :u.today

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