Money management firm and leading cryptocurrency firm Grayscale wants to enter the European market, according to a Bloomberg report.

Details about Grayscale's expansion plans remain scant.

It is unclear which specific countries it will target or which products will be part of its offer.

Michael Sonnenchin, CEO of Grayscale, said:

The expansion will be very systematic, and we will focus on separate financial hubs in Europe.

Grayscale is a subsidiary of the Digital Currency Group, which rules the game in the United States with assets under management estimated at $35 billion.

It is likely that the company will face difficulty in obtaining a large segment of the European market due to the intense competition.

There are already a slew of E-exchange-traded products issued by companies like VanEck, CoinShares and 21Shares AG that track the value of Bitcoin, Ethereum, and even some other altcoins.

These products manage more than $7.1 billion in assets.