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Grayscale CEO Says Crypto Interest Is Rising

Michael Sonnenshein, the current CEO of Grayscale Investments' digital asset manager, said Friday that a larger 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 added.

Sonnenshein took over as CEO from Barry Silbert on Thursday, having been the CEO of the company for three years. Grayscale has a variety of trusts in cryptocurrency. giving customers exposure to the asset class without actually owning the underlying assets. The company currently has $27.5 billion in assets under control, according to a tweet on Thursday.

Grayscale has today reported it has lowered its management fee from 3.0 percent to 2.5 percent on the Digital Large Cap Fund.

The New York-based, SEC-regulated firm is owned by Digital Currency Group, the parent company of CoinDesk.

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