Michael Sonnenshein says pension funds invest in Bitcoin
Grayscale’s new CEO, Michael Sonnenshein, says pension funds are investing in Bitcoin. And it’s more and more money.
According to information from Bloomberg, Grayscale’s CEO Michael Sonnenshein indicates that pension funds and donations are actively investing in the various crypto products offered by the company.
„We have begun to see participation not only from the hedge fund segment, which we Immediate Edge have seen participation for a long time. It is now recently that other institutions, pensions and donations are involved.
In addition, Michael Sonnenshein notes that: „In fact, the size of the investments they are making is also growing rapidly“.
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Pension funds invest in Bitcoin
The new CEO of Grayscale Investments LLC, Michael Sonnenshein, says he expects increased interest from institutional investors such as pension funds and endowments. Specifically, to continue driving its rapid growth.
Who is Michael Sonnenshein?
Michael Sonnenshein joined New York-based Grayscale in January 2014 as an account executive. During this long period, he worked his way through several senior positions in the firm. Culminating in the position of Managing Director. Currently, he is the successor to Barry Silbert.
Michael Sonnenshein said on Twitter: „Thank you Barry Silbert for this incredible opportunity. His vision for Grayscale remains as clear and ambitious now as it was 7 years ago. I am honoured by the opportunity to lead Grayscale into its next phase of growth.
Prior to Grayscale, Michael Sonnenshein was a financial advisor at JPMorgan. And, as an analyst at Barclays and Bank of America.
In addition to this, as an academic background, Michael Sonnenshein holds a Bachelor of Business Administration degree from Goizueta Business School. He also holds an MBA from NYU Stern School of Business.
Grayscale could soon control 5% of Bitcoin’s current supply
By the way, Grayscale owns approximately 3% of the BTCs in circulation. In addition, it continues to accumulate positions, as more institutional investors look to Bitcoin for safe haven.
Indeed, its total assets under management (AUM) have eclipsed $27 billion in ten different products. The Grayscale Bitcoin Trust remains by far its most popular product with over $23 billion in AUM.
It is worth noting that, according to Grayscale Investments, institutional inflows into cryptosystems and Bitcoin (BTC) are intensifying, with pension funds and donations among the newest participants in the space.
Michael Sonnenshein said that Grayscale plans to double its current staff of 24. Also, continue to invest in advertising and introduce half a dozen new products this year.