Grayscale Investments, the world’s largest digital asset manager, is expanding into Europe. “We’re going to be very thoughtful, very methodical about each of the financial centers and financial hubs that we ultimately launch in,” said the CEO.
Grayscale Entering Europe
The world’s largest digital asset manager, Grayscale Investments, is getting ready to expand into Europe, CEO Michael Sonnenshein told Bloomberg Tuesday.
Grayscale’s target countries, exchanges and products are still being decided. He said that Grayscale has met with local partners in order to determine a launch date and that they plan to conduct pilot testing in various markets.
“Although the EU is unified, we don’t view the entire European market as in fact one market,” Sonnenshein described, elaborating:
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 publication stated that there are over 80 crypto-products listed on Western Europe’s exchange-traded platforms. In the United States, however, the Securities and Exchange Commission has yet to approve an ETF (spot bitcoin exchange-traded fund) by the SEC.
Grayscale filed with the SEC in order to transform its flagship Bitcoin trust (GBTC), that has approximately $25 billion under management, into a spot ETF. In July, the SEC will make its decision. Sonnenshein recently said that the securities regulator refusing to approve bitcoin spot ETFs is “potentially grounds for an Administrative Procedure Act violation.”
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