39 - Grayscale: $10B Bridge to Crypto | Michael Sonnenshein
Bankless
Intro
The chapter explores Grayscale's Bitcoin Trust and Ethereum Trust, highlighting their roles in the cryptocurrency market. The hosts address common investor misconceptions and discuss the impact of institutional perspectives on decentralized finance and crypto investments.
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Michael Sonnenshein is the Managing Director at Grayscale Investments, the largest digital currency asset management company by far.
You may have seen a GBTC or ETHE products in your Schwab account, a way price exposure to ETH and BTC
...wondered what those things are?
We're going to talk about that today with Michael.
Grayscale has built a bridge for almost $10B to flow into the crypto world, by working inside the legacy system, rather than outside of it.
Listen to this podcast to see how Grayscale is helping promote crypto!
Retail products:
- What Greyscale products can the average, unaccredited retail investor buy today?
- Whatâs the difference between GBTC/ETHE and an ETF?
- What are the fees?
Accredited investors products ($1m in assets or $200k per year)
- How do accredited investors power the Grayscale trust?
- What narratives that are driving the inflows?
- What are the most popular products with this group?
- Bitcoin Trust: $39.5 million
- Ethereum Trust: $9.0 million
- Large Cap Fund: $1.1 million
Bitcoin Investor Study - what were the takeaways?
Size of Greyscale relative to supply
- How much BTC supply - 400k in June (3-4% of all Bitcoin)?
- As a proportion of mined BTC?
- How much ETH supply do you own?
- Can Grayscale do a staked ETH product? Any other yield-bearing products?
Whatâs Greyscaleâs next move?
- Expanding more outside BTC?
- Getting acquired?
- AUM size?
- Specifically with DeFi?
Action items:
- Read reports Bitcoin Investor Study
- If youâre looking at GBTC or ETHE in your portfolio premium vs spot price first:
- 5 - star reviews the podcast!
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