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Grayscale Investments, which runs the $30 billion Grayscale Bitcoin Trust (GBTC), is looking at expanding into the European market for crypto funds, Bloomberg reported Tuesday.

• Grayscale is meeting with local partners to discuss entering the European market, CEO Michael Sonnenshein said.

• No decisions have been made about which countries or exchanges will be targeted, said Sonnenshein, who is scheduled to speak at Consensus 2022 in June.

• The European crypto fund market has become more competitive in recent months, with exchange-traded products (ETP) listed in Switzerland, Germany and elsewhere by firms such as 21Shares.

• As of March, 73 crypto ETPs had been approved in Europe, with a total of $7 billion in assets.

• Aside from plotting a way into this market, Grayscale is also seeking to convert its bitcoin (BTC) trust into an exchange-traded fund (ETF) in the U.S. but has been frustrated by the Securities and Exchange Commission (SEC). The U.S. markets regulator has approved four bitcoin futures ETFs but none that invest in the crypto directly.

• Sonnenshein remains optimistic however saying recently that it is a "matter of when and not if" the SEC approves a bitcoin spot ETF.

• Grayscale Investments is a subsidiary of Digital Currency Group, also the parent company of CoinDesk.

• The firm had not replied to an emailed request for comment by publication time.

Read more: Brazilian Crypto Asset Manager Hashdex Approved to List ETPs in Switzerland

UPDATE (16:20 UTC April 26): Adds additional bullets on background of GBTC's attempted filing with SEC and Sonnenshein's quote.