Global asset manager with $15.3T in assets under management as of June 2026
Spot ETFs · Index funds +3Retail · Institutions +1iShares ETFs · Aladdin +1
Grayscale
Crypto asset manager founded in 2013 and backed by Digital Currency Group
4.0/ 5
Our score
Very good
Products
Spot ETFsETPs / ETNsIndex fundsPrivate funds
Assets under management
$50 billion in 2021
Flagship products
Grayscale Bitcoin TrustGrayscale Ethereum TrustGrayscale Digital Large Cap FundGrayscale Solana Trust+1
What is Grayscale?
Grayscale is a U.S. crypto asset manager founded in 2013 and backed by Digital Currency Group. Its product range includes publicly traded trusts, spot ETFs, diversified funds and an ETF focused on companies in digital finance.
Company and leadership
Barry Silbert founded Grayscale. Digital Currency Group became its parent company in 2015. The company is headquartered in Stamford, Connecticut. Peter Mintzberg has been chief executive officer since August 2024, after senior roles at Goldman Sachs, BlackRock and Invesco. Michael Sonnenshein served as CEO until May 2024.
Products and access
The range covers Bitcoin, Ether, Solana and a basket of large-cap crypto assets. Grayscale Bitcoin Trust began public trading on OTCQX in 2015. Grayscale Digital Large Cap Fund began public trading in October 2019. The company also offers Grayscale Ethereum Trust, Grayscale Solana Trust, the Grayscale Future of Finance ETF and a spot Ether ETF launched in July 2024. Access depends on the product and its listing venue.
The Digital Large Cap Fund provides diversified exposure through a crypto asset portfolio. The Grayscale Future of Finance ETF tracks an index of asset managers, exchanges, brokerages and cryptocurrency miners. Trusts and ETFs give investors market exposure through securities rather than direct wallet ownership, while their prices can differ from the value of the underlying assets.
Fees and availability
Fees and minimum investments vary by product. Supported countries and custody arrangements also differ. Investors face the costs and trading conditions of the relevant exchange or over-the-counter market. Grayscale's products are built for retail investors and institutions, with eligibility set by each offering.
Track record and risks
Grayscale reported more than $50 billion in assets under management in December 2021. The company's launch history reaches from its 2013 Bitcoin trust to its 2024 Ether ETF. A U.S. appeals court ruled on August 29, 2023, in Grayscale's case against the SEC concerning the proposed GBTC conversion into an ETF.
Crypto funds remain exposed to volatility and tracking error, as well as premiums or discounts to net asset value. Trusts can trade away from the value of their holdings, while ETFs carry management costs. Underlying asset custody creates concentration and counterparty risks. On July 31, 2025, the Everest ransomware group claimed it had attacked Grayscale and stolen data; Grayscale had not confirmed that claim in reporting from August 2025.
Founders
Peter MintzbergCEO
Best for:Public-market crypto exposureFinancial adviser portfoliosInstitutional digital-asset allocationDiversified crypto fund exposure
Pros and cons
Pros
- Founded in 2013 with a long crypto investment product history
- Backed by Digital Currency Group since 2015
- Covers Bitcoin, Ether, Solana and diversified crypto assets
- Offers both crypto-asset products and a digital-finance equity ETF
- Reported more than $50 billion in assets under management in December 2021
Cons
- Trust prices can trade at premiums or discounts to underlying asset value
- Investors face crypto volatility and tracking error
- Eligibility and access depend on each product and listing venue
- A ransomware group claimed a 2025 attack that Grayscale did not confirm
Our review
4.0/5
Very good
Grayscale provides institutional and retail exposure to major crypto assets through public funds and ETFs, backed by a track record dating to 2013 under Digital Currency Group.
Founded in 2013 by Barry Silbert and operating as a subsidiary of Digital Currency Group, Grayscale is based in Stamford, Connecticut. The firm established an early foothold in institutional crypto investment by launching the Grayscale Bitcoin Trust, which began trading over the counter on OTCQX in 2015. Over the following decade, the firm expanded its lineup to include single-asset vehicles such as the Grayscale Ethereum Trust and Grayscale Solana Trust, broad-market index vehicles like the Grayscale Digital Large Cap Fund, and thematic equities through the Grayscale Future of Finance ETF. In August 2023, Grayscale received a ruling against the SEC in the D.C. Circuit Court of Appeals concerning the conversion of GBTC into an ETF, preceding its spot Ether ETF launch in July 2024.
Leadership shifted in 2024 when Michael Sonnenshein stepped down as chief executive officer in May and Peter Mintzberg took over the role in August. Mintzberg brought traditional asset management experience from previous leadership roles at Goldman Sachs, BlackRock, and Invesco as Grayscale faced direct ETF competition from firms like BlackRock and Fidelity. Assets under management reached over $50 billion in December 2021.
Operational risks emerged in July 2025 when the Everest ransomware group claimed to have accessed and stolen internal company data, listing Grayscale on a leak site without subsequent public confirmation or filings from the firm. Holding trusts that trade over the counter or off-chain can introduce pricing friction compared to direct token ownership, where historic premiums or discounts affect holding values.
Grayscale suits brokerage clients and institutional accounts requiring regulated exposure through traditional brokerage channels without managing private keys. Investors who require direct on-chain self-custody, lower structural expense drag, or immediate decentralized finance functionality should hold crypto assets directly instead.
Sources (2)
Specs
| Products | Spot ETFs, ETPs / ETNs, Index funds, Private funds · unverified |
|---|---|
| Assets under management | $50 billion in 2021 · unverified |
| Flagship products | Grayscale Bitcoin Trust, Grayscale Ethereum Trust, Grayscale Digital Large Cap Fund, Grayscale Solana Trust, Grayscale Future of Finance ETF · unverified |
| Assets covered | Bitcoin, Ethereum, Solana, Digital Large Cap assets, Future of Finance companies · unverified |
Not disclosed by the provider: Clients, Fees, Minimum investment, Regulators, Custodians.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Bitcoin trust
Grayscale Bitcoin Trust began trading publicly on OTCQX in 2015. It gives investors security-based Bitcoin exposure.
Spot Ether ETF
Grayscale launched a spot Ether ETF in July 2024, expanding its listed product range beyond Bitcoin.
Large-cap fund
Grayscale Digital Large Cap Fund provides diversified exposure to a portfolio of major crypto assets and traded publicly from October 2019.
Solana exposure
Grayscale Solana Trust has been part of the company's portfolio since 2021.
Finance-sector ETF
The Grayscale Future of Finance ETF tracks an index covering asset managers, exchanges, brokerages and cryptocurrency miners.
Public market access
Its trusts and ETFs let investors gain crypto exposure through securities traded on public markets rather than holding assets directly.
Inside Grayscale
Grayscale Bitcoin Trust
A flagship Bitcoin investment vehicle that initially began public quotation on OTCQX in 2015 before pursuing spot ETF conversion.
Grayscale Ethereum Trust
An investment trust providing exposure to Ether, which paved the way for Grayscale's spot Ether ETF launched in July 2024.
Grayscale Digital Large Cap Fund (GDLC)
A diversified cryptocurrency fund that began trading publicly in October 2019 to hold a basket of prominent digital assets.
Grayscale Solana Trust
A single-asset trust launched in 2021 designed to provide investors with exposure to SOL.
Grayscale Future of Finance ETF
An exchange-traded fund that tracks the Bloomberg Grayscale Future of Finance Index, covering asset managers, exchanges, brokerages, and mining firms.
Grayscale screenshots
What users say about Grayscale
There is insufficient user feedback to evaluate specific user experiences or platform features, as available discussions focus strictly on institutional market news, ETF filings, and general cryptocurrency market commentary.
Based on 6 Reddit posts and comments from the last 12 months, checked Oct 23, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Grayscale? Share your experience below.
FAQ
Who founded Grayscale?
Grayscale was founded in 2013 by Barry Silbert. It operates as a subsidiary of Digital Currency Group.
Who is the CEO of Grayscale?
Peter Mintzberg is the chief executive officer of Grayscale, taking the role in August 2024. He previously served as head of strategy for asset and wealth management at Goldman Sachs and held senior roles at BlackRock and Invesco.
What products does Grayscale offer?
Grayscale offers single-asset trusts including Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Solana Trust. It also provides multi-asset exposure through the Grayscale Digital Large Cap Fund and thematic equity exposure via the Grayscale Future of Finance ETF.
Has Grayscale experienced any security incidents?
In July 2025, the Everest ransomware group listed Grayscale on its leak site and claimed to have stolen company files. Grayscale did not publicly confirm the claim, and no formal breach filings were issued.
Does Grayscale issue its own token?
No, Grayscale does not have its own cryptocurrency token. It issues shares in traditional trusts and exchange-traded funds that track underlying digital assets.
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