Grayscale "European Debut": It will launch its digital asset-related ETF

This article comes fromBloomberg, Original Author: Emily Nicolle

Odaily Translator | Nian Yin Si Tang

This article comes from

Bloomberg

, Original Author: Emily Nicolle

Odaily Translator | Nian Yin Si Tang

Grayscale Investment LLC, operator of the world's largest cryptocurrency fund, will launch its exchange-traded fund (ETF) tracking a basket of digital asset companies in Europe for the first time. It should be noted that this is not a product pegged to the price of Bitcoin itself.

On Monday, the fund manager announced that it will launch its Future of Finance on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra in partnership with white label ETF platform HANetf. UCITS ETF (trading symbol GFOF).

First launched in the United States in February, GFOF tracks the performance of investments in the $443 billion Bloomberg Grayscale Future of Finance Index, which includes Robinhood Markets Inc, Block Inc and Coinbase Global Inc. It is reported that the Bloomberg Grayscale Future of Finance Index includes asset management companies, exchanges, brokerage firms and wealth management companies participating in the digital economy; organizations that provide technology solutions to promote the development of the digital economy; Ecosystem powered companies.

Currently, Grayscale is lobbying U.S. regulators to convert its $19 billion Bitcoin Trust Fund (GBTC for short) into an ETF that directly tracks the price of Bitcoin. However, so far, bitcoin spot ETFs have not been approved in the United States.

Ahead of the U.S. SEC’s final decision on the matter, the company entered the highly competitive European market — rivals such as CoinShares International Ltd and 21Shares AG have had spot crypto exchange-traded products listed on local exchanges for several years.

Grayscale CEO Michael Sonnenshein said in an interview with Bloomberg that while the firm is "highly convinced investors want exposure to digital assets," it also sees the Future of Finance ETF as the "most liquid way for traders to share the value of digital assets." ".

“We found that a lot of people were equating the ability to invest in a whole new thematic investment class to what they might have had 10 years ago when they started investing in cloud computing or whatever,” Sonnenshein said. web of opportunity."

Grayscale's Bitcoin Trust and Future of Finance ETF have both suffered in recent months as the broader cryptocurrency market has oscillated between sideways trading and extreme volatility.