Grayscale Investments, the world’s largest digital wealth manager, is expanding into Europe. “We’re going to be very thoughtful and methodical about each of the financial hubs and financial hubs that we eventually launch in,” said the CEO.
Grayscale in Europe
The world’s largest digital wealth manager, Grayscale Investments, is preparing to expand into Europe, CEO Michael Sonnenshein told Bloomberg on Tuesday.
He explained that decisions still need to be made about which exchanges, which products, and which countries Grayscale will target first. The manager revealed that he has met with various local partners to discuss the rollout timeline, adding that the company plans to run a series of pilot tests in different markets.
“Although the EU is united, we do not consider the entire European market as one market,” explains Sonnenshein and specifies:
Instead, we will take a very thoughtful and methodical approach to each of the financial centers and financial centers where we ultimately launch, because we recognize differences in investor behavior and attitudes and regulatory systems.
More than 80 exchange-traded crypto products are listed in Western Europe, the publication said. However, in the US, the Securities and Exchange Commission (SEC) has yet to approve a spot bitcoin exchange-traded fund (ETF).
Grayscale has filed with the SEC to convert its flagship Bitcoin Trust (GBTC), which has around $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 bitcoin spot ETFs is “a potential ground for violation of the Administrative Procedures Act.”
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