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

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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?
• What’s 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?

What’s Greyscale’s next move?

• Expanding more outside BTC?
• Getting acquired?
• AUM size?
  
• Specifically with DeFi?

Action items:

• Read reports Bitcoin Investor Study
  • https://grayscale.co/insights/bitcoin-investor-study-2020/
• If you’re looking at GBTC or ETHE in your portfolio premium vs spot price first:
  • https://ycharts.com/companies/GBTC/discount_or_premium_to_nav
  • https://ycharts.com/companies/ETHE/discount_or_premium_to_nav
• 5 - star reviews the podcast!

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.