According to Bloomberg, cryptocurrency asset manager GrayScale is planning to harness the opportunities of the European market.
GrayScale, a crypto assets management firm, aims to join the European market, according to Bloomberg. For the time being, it’s unclear which countries GrayScale’s expansion request includes.
Michael Sonnenshein, the company’s CEO, argues that the strategy would be “extremely deliberate” and will focus on several financial hubs across Europe.
VanEck, CoinShares, and 21Shares AG, for example, have a host of European exchange-traded products that monitor the value of Bitcoin, Ethereum, and even some exotic altcoins. These products are in charge of more than $7.1 billion in assets.
In its region, GrayScale is having trouble converting its Bitcoin trust into a spot-based exchange-traded fund. In a last-ditch effort to influence the Securities and Exchange Commission before it reveals its verdict, the corporation recently modified its application. In the event of a refusal, Grayscale has stated that it will sue the regulator.
Sonnenshein complained about “double standards” in cryptocurrency rules in a separate interview with the Financial News. He argues it’s “tough to understand” why the SEC continues to reject spot ETF proposals despite its comfort with futures ETFs.
With around $35 billion in assets under management, Grayscale, a subsidiary of Barry Silbert’s Digital Currency Group, rules the roost in the United States. However, due to fierce competition, it will most likely fail to get a major share of the European market.
