Grayscale launches ETFs in Europe.

  • June 10, 2022
  • Jennifer Moore
Grayscale launches ETFs in Europe.

Mega crypto asset management firm Grayscale announced its operation expansion plains across Europe, starting with the launch of a new crypto exchange-traded futures (ETF). The corporation also disclosed that its 1st European crypto ETF, titled Grayscale Future of Finance UCITS ETF, began trading on 17th May 2022.

Future of Finance UCITS ETF

Grayscale’s latest option in digital asset investment is already being listed across the major stock exchanges of Europe. Starting with the London Stock Exchange, the digital trading platform of Deutsche Börse(Xetra), and the Borsa Italiana, the Grayscale ETF will soon be available all across Europe, and will be represented by the GFOF ticker symbol. 

Also Read: Australia to Greenlight Bitcoin ETF with Initial Crypto Demand Testing

Bloomberg GFOF Index

The GFOF UCITS ET came in collaboration with Bloomberg; and monitors the performance of the Bloomberg GFOF Index first launched in January this year. Both the companies combined their resources and launched this index in a bid to keep tabs on digital economy growth prioritizing technology, digital assets, and finance.

As per their announcements, the exchange-traded fund will feature companies with direct involvement in crypto mining, management of energy, and other components of the cryptocurrency ecosystem. The fund’s official information also discloses observation of crypto-friendly fintech and trading app platforms. The Top 10 GFOF holdings include HOOD, PYPL, SQ, SI, PLUS, COIN, 8698, ARB, NB2, and CAN. 

Also Read: Brazil Exchange To Launch Futures Trading on Bitcoin and Ethereum

Possible Impact on the Crypto Landscape

The GFOF UCITS ETF will provide European investors a chance to leverage exposure across companies. Grayscale remains one of the largest investors in Bitcoin. Therefore, the Grayscale BTC Trust has an estimated $18.3 billion worth of assets under its management. The company was pushing its Spot ETF for BTC in an aggressive fashion. Thereafter, trying to persuade the US SEC into turning its assets(the largest BTC fund) into an ETF. The proposal claimed it would unlock USD 8 billion for crypto investors.

The GBTC had been affected by the current market crash, recording a 31% drop in trading valuations earlier week. Bitcoin continues to stand strong, recovering after the recent drop.

Grayscale CEO Michael Sonnenshein stated:
“We believe that the most exciting thing about the digital economy is the fact that we’re still so early in its development […] That’s the vision that drove the creation of GFOF, the opportunity to capture value from transformative companies that are, and will be, embracing or building the future of finance and our global digital economy.”

Wrapping Up

THE GFOF ETF news comes at a time of growing crypto ETF adoption. Total assets accumulated under crypto ETFs already surpassed $16.3 billion within the 1st quarter of 2022. Meanwhile, another European crypto ETF provider, 21Shares, announced the expansion of its list to include L1(Layer-1) and DeFi ETPs(Exchange-traded Products). Thereafter, offering investors leverage to benefit from exposure to the 5 biggest DeFi Blockchains. All of these point to the growing relevance of cryptocurrencies as an alternative asset class. Moreover, blockchain as the architecture responsible for the upcoming financial transformation.

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