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.
- âWeâve started to see participation not just from the hedge fund segment, which weâve long seen participation from, but now itâs recently from other institutions, pensions and endowments,â Sonnenshein told Bloomberg.
- "The sizes of allocations they are making are growing rapidly as well,â 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
