Bankless

39 - Grayscale: $10B Bridge to Crypto | Michael Sonnenshein

Nov 16, 2020
Guest
Michael Sonnenshein
Michael Sonnenshein, Managing Director at Grayscale Investments, shares insights on how Grayscale has funneled nearly $10 billion into the crypto market by integrating with traditional finance. He discusses the significance of Grayscale's Bitcoin and Ethereum Trust products, demystifying differences from ETFs. The conversation highlights the growing appeal of digital assets among young investors and the challenges around regulatory compliance. Sonnenshein also explores future trends in the space, emphasizing education and accessibility for newcomers.
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ADVICE

Retail Investor Considerations

  • Consider GBTC or ETHE for price exposure to Bitcoin or ETH within your brokerage.
  • Be mindful of potential premiums over NAV and annual management fees.
INSIGHT

Accessibility of Grayscale Products

  • Grayscale products like GBTC and ETHE are available internationally.
  • They can be accessed through brokerage and retirement accounts, offering a familiar investment experience.
INSIGHT

Grayscale Trust Structure

  • Grayscale trusts passively hold Bitcoin or ETH; investors own shares, not the underlying asset.
  • Coinbase Custody secures the assets in cold storage with multiple signatories and security measures.
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