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Will Grayscale expand across Europe?

 


As revealed by Grayscale Chief Executive Officer Michael Sonnenshein, the company is considering expansion across Europe.


The European market has become a competitive arena for many companies wishing to introduce investment vehicles. They all want to meet the increasing demand. Grayscale is one of them.


According to a Bloomberg report, Grayscale CEO Michael Sonnenshein has scheduled meetings with several EU partners to go over a timeline. It is still unclear on which stock exchanges the products will be offered. The CEO also hasn't leaked any information about which offerings the company plans to launch first.


In the interview, Sonnenshein emphasized that Grayscale will not enter the entire European market. 


"Instead, we're going to be very thoughtful and methodical about each of the financial hubs and financial hubs that we eventually launch in because we recognize the differentiation in investor behavior and attitudes, as well as regulatory regimes."


This news comes days after the company made a fresh attempt to gain approval from the US Securities and Exchange Commission (SEC). In a letter to the commission, Grayscale focused on all the legal details. It intends to convert its Grayscale Trust (worth around $40 billion) into an ETF.


The SEC has so far allowed exchange traded products based on futures due to concerns about spot products. The regulator has previously given assurances that it will make a decision on Grayscale's application by July this year.


While the prospects for a physically-backed Bitcoin ETF in the US remain bleak, Sonnenshein is poised to launch a fight against the SEC. He previously said all options are on the table. He is also ready to take legal action against the agency.


On the other hand, a number of issuers have launched crypto ETPs in Europe. Over the past month, more than 70 crypto ETPs have received commitments. They have total assets of $7 billion.

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