American digital asset manager Grayscale Investments is preparing to expand into Europe. The company’s CEO, Michael Sonnenschein, told Bloomberg about this.

According to him, there is no decision yet on which countries and products will be the first. He also discusses timing with local partners. Grayscale is expected to conduct a series of pilot tests in various markets.

“Even though the EU is united, we do not see the entire European market as one. Instead, we will be very thoughtful and systematic in every financial center we set up. Because we are aware of the differences in regulatory regimes as well as investor behavior and attitudes.”

As of April 26, the company’s assets in 14 cryptocurrency mutual funds were valued at approximately $30 billion, of which approximately $24.5 billion came from the bitcoin trust.

Take a look at our 14 single-asset crypto mutual funds as of 04/25/2022.
Other statistics on AUM and all Grayscale products are updated daily on our website: https://t.co/1WBt5qD8Zo$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $LEFT $XLM $ZEC $ZEN pic.twitter.com/ELHwldtB7r

— Grayscale (@Grayscale) 25 April 2022

Bloomberg believes the firm will face tough competition during expansion. According to the agency, more than 80 exchange-based crypto products are listed in Western Europe with total assets of $7.1 billion.

Major providers of such investment vehicles include CoinShares, 21Shares AG and VanEck.

Spot cryptocurrencies are also traded on European exchanges. ETP. In the US, the regulator has not yet approved a single application for the release of such products.

Recall that Grayscale relied on converting the bitcoin trust into an ETF. In March, Sonnenschein described this as a top priority for the company.