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Quick Take

• Grayscale Investments is a leading digital currency asset manager that provides various digital asset exposures for its clients through traditional investment vehicles – Grayscale Investment has an AUM of ~$40 million as of March 25, 2022
• With AUM growing from $2 billion to $20 billion at the start of 2021, Grayscale’s key focus was scaling the team and introducing new products to satisfy growing client needs
• Many Grayscale products currently trade at a significant discount; for short-term alleviation, Digital Currency Group (Grayscale’s parent company) has been buying back shares to supply demand 
• Last October, Grayscale submitted a proposal to the Securities and Exchange Commission to convert its bitcoin trust into a spot ETF – Grayscale Investments believes crypto-asset ETF conversions can be a long-term solution to the current discount problem but the chance of receiving such approval seems low in the current environment

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