Michael Sonnenshein, the new CEO of digital asset manager Grayscale Investments, said Friday that a wider range of institutional investors are now taking an interest in cryptocurrency.
- “We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions and endowments,” Sonnenshein told Bloomberg.
- "The sizes of allocations they are making are growing rapidly as well,” he said.
- Sonnenshein took over from Barry Silbert as CEO Thursday, having been the firm's managing director for three years.
- Grayscale offers a number of cryptocurrency trusts, bringing investors exposure to the asset class without needing to hold the underlying assets directly.
- According to a Thursday tweet, the firm now has $27.5 billion in assets under management.
- Also today, Grayscale announced it has reduced its management fee on the Digital Large Cap Fund from 3.0% to 2.5%.
- The New York-based, SEC-regulated firm is owned by Digital Currency Group, the parent company of CoinDesk.
Read more: Crypto Investment Firm Grayscale Names New CEO, Plans to Double Staff in 2021
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