Grayscale Investments has announced the launch of an exchange-traded fund (ETF) in Europe. The company’s Future of Finance UCITS ETF will be listed on the London Stock Exchange (LSE), Borsa Italiana and Deutsche Börse Xetra.
Grayscale launches ETF in Europe
Grayscale Investments, the world’s largest digital asset manager, announced on Monday the launch of its first European exchange-traded fund (ETF), called the Grayscale Future of Finance UCITS ETF (ticker: GFOF). The company said it would be listed on the London Stock Exchange (LSE), Borsa Italiana and Deutsche Börse Xetra.
The GFOF UCITS ETF tracks the investment performance of the Bloomberg Grayscale Future Financial Index and seeks to provide investors with investment opportunities in companies at the intersection of finance, technology and digital assets.
The UCITS ETF is a European market registered product and is regulated by the Collective Investment in Transferable Securities Undertaking.
The GFOF UCITS ETF is Grayscale’s second ETF. The first, announced in February, is a US listing in partnership with Bloomberg. It also tracks the investment performance of the Bloomberg Grayscale Financial Futures Index.
“Earlier this year, we announced our first ETF in partnership with Bloomberg as part of our expansion,” said Grayscale CEO Michael Sonnenshein. “We are excited to expand our offering in Europe through the UCITS wrapper. .”
Meanwhile, Grayscale is trying to convince the U.S. Securities and Exchange Commission (SEC) to approve the conversion of its flagship product, the Grayscale Bitcoin Trust (GBTC), into a spot Bitcoin ETF. GBTC currently manages $19.2 billion in assets.
The company recently held a private meeting with the SEC to discuss its filing, CNBC reported. The asset manager told regulators that turning its bitcoin trust product into an ETF traded on the New York Stock Exchange would expand bitcoin access and strengthen protections, while unlocking up to $8 billion in value for investors.
So far, the SEC has not approved any spot Bitcoin ETFs. The deadline for securities regulators to approve or reject Grayscale’s application is July 6. “The SEC discriminates against issuers by approving bitcoin futures ETFs and rejecting bitcoin spot ETFs,” Grayscale previously said.
What do you think of Grayscale launching an ETF in Europe while trying to convince the SEC to approve its spot Bitcoin ETF application? Let us know in the comments section below.
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