Grayscale’s Future of Finance ETF was first launched in the U.S. in Febuary. It is now available on major European stock exchanges.
Grayscale Investments today announced its Future of Finance exchange-traded fund (ETF), will list on the London Stock Exchange and Borsa Italiana.
ETFs are a popular investment tool, allowing investors to buy commodities or a group of shares at a low management fee.
The Grayscale Future of Finance ETF (GFOF), allows investors to purchase one stock to bet on the performance of multiple companies that are heavily invested in the crypto economy.
The Bloomberg Grayscale Future of Finance Index is the basis of the fund. This index tracks the performance of financial service companies “projected as leaders of the emerging digital economic.”
These stocks include Robinhood, PayPal and Block. There are also several crypto mining and energy management companies, such as Argo Blockchain, Northern Data and Canaan.
GFOF was launched on February 1st, 2018. It currently has 21 public companies. It started at $25.93, but crypto stocks plunged last Friday, closing Friday’s trading session with a price of $14.69.
The Connecticut-based company is optimistic about the product’s long-term value.
Grayscale’s global head for ETFs, David LaValle said, “At Grayscale we have always believed that the digital economic will be a major driving force for the development, growth and growth of the global economies.”
He said that European investors now have the chance to be exposed to companies that are crucial to the evolution and success of the global financial market.
Grayscale pushes Bitcoin ETF
Grayscale is most well-known for its portfolio of cryptocurrency investment products, which includes the Grayscale Bitcoin Trust ( GTC), the flagship product.
Since February 2021, GBTC is suffering from a deeper discount. Last week saw historic lows of 30%.
Grayscale, which is trying to eliminate the discount by converting its GBTC into a Bitcoin ETF, faces strong resistance from the U.S. Security and Exchange Commission. The agency has yet to approve an ETF that is backed by Bitcoin due to the volatility of Bitcoin and price manipulation.
Gleichzeitig hat the agency already approved four Bitcoin ETFs that are tied to futures contracts.
According to Decrypt Grayscale met with the SEC earlier in the month to convince them to approve the move. The deadline for Grayscale’s pending application is due July 6.
