Grayscale, crypto investing firm, is expanding its activities in Europe by introducing a new crypto-linked exchange-traded fund (ETF).
On May 16, Grayscale launched its first European ETF, the Grayscale Future of Finance UCITS ETF.
The London Stock Exchange, Borsa Italiana, and Deutsche Börse’s electronic trading platform Xetra are among the European stock exchanges that will offer the new investment product. The ETF will be passported for sale across Europe and will trade under the ticker name GFOF.
The Bloomberg Grayscale Future of Finance Index is tracked by GFOF UCITS ET, which was created in collaboration with Bloomberg. The index was jointly launched by Bloomberg and Grayscale in January 2022, with the goal of tracking the digital economy through three key directions: technology, finance, and digital assets.
The new ETF comprises companies directly involved in bitcoin mining, energy management, and other activities in the digital asset ecosystem, according to the statement. According to the fund’s official website, the ETF monitors companies such as Robinhood, a crypto-friendly trading program, PayPal, Block, Coinbase, Canaan, and others.
Grayscale’s global head of ETFs David LaValle remarked, “Through GFOF UCITS ETF, European investors now have the chance to receive exposure to companies that are crucial to the future of the global financial system.”
The new investment product was also developed in collaboration with Europe’s white-label issuer HANetf. The issuer is renowned for working with businesses like ETC Group on blockchain ETFs.
According to a Grayscale representative, the new ETF launch represents a significant milestone for the company’s growth as well as the digital asset ecosystem, stating:
We believe the most fascinating aspect of the digital economy is that it is still in its early stages of growth The opportunity to capture wealth from transformative organizations who are, or will be, embracing or constructing the future of finance and our global digital economy is what inspired the creation of GFOF.
Grayscale is one of the world’s largest Bitcoin investment firms, with $18.3 billion in assets under management in the Grayscale Bitcoin BTC Trust (GBTC). In the midst of extreme market volatility, GBTC saw a big drop, selling at a nearly 31% discount on May 13.
Grayscale has been aggressively promoting its Bitcoin spot ETF, with CEO Michael Sonnenshein warning that if the ETF is disallowed, Grayscale will file a lawsuit with the US Securities and Exchange Commission. According to reports, the firm attempted to persuade the SEC that converting the largest Bitcoin fund into an ETF would free up $8 billion for investors.
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