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Grayscale Launches Crypto-Focused ETF – Crypto Brief


Key Takeaways Grayscale Investments has announced its first ETF, the Grayscale Future of Finance ETF. The exchange-traded fund tracks the Bloomberg Grayscale Future of Finance Index, a basket of several crypto-focused companies. For now, the index includes 22 companies. Share this article Grayscale Investments has launched its first exchange traded fund. The Grayscale Future of Finance ETF will track the Bloomberg Grayscale Future of Finance Index. Grayscale ETF Begins Trading Grayscale Investments, the world’s largest digital asset manager with more than $38 billion in assets under management, has made its first foray into ETFs. Grayscale announced the update in a Wednesday press release. The Grayscale Future of Finance ETF will trade on the New York Stock Exchange under the ticker symbol GFOF, with US Bank acting as the service provider. The ETF tracks the performance of the Bloomberg Grayscale Future of Finance Index, a basket of shares of several cryptocurrency-related companies. It initially contains 22 companies, including Block, PayPal, Coinbase and Silvergate Capital. The Bloomberg Intelligence-manufactured index that the ETF will track includes three broad types of digital asset companies: “financial foundations,” “technology solutions” and “digital asset infrastructure.” According to the press release, the category of financial foundations includes crypto exchanges, brokers and investment managers. Technology solutions apply to companies that provide data and processing essential to the technology of the digital economy, and infrastructure companies include cryptocurrency miners and other companies that power the crypto ecosystem. The fund will not be actively managed, but will be rebalanced on a quarterly basis. Notably, it does not invest directly in coins or tokens, but maintains indirect exposure to the industry through crypto-related companies. David LaValle, the Global Head of ETFs at Grayscale, called today’s move “a first step in what will be an ongoing strategic expansion of Grayscale’s investment offerings leveraging the ETF wrapper.” (or deferral) of Bitcoin spot ETFs that track BTC directly. Last week, the US financial regulator rejected Fidelity’s application. The SEC’s long history of rejecting Bitcoin spot ETFs has likely prompted Valkyrie’s recent application for an ETF focused on Bitcoin mining. Grayscale has vocally opposed the repeated rejections of spot ETFs and indicated that it hopes its flagship, GBTC, will become an ETF in the future. Meanwhile, it continues to provide investors with exposure to crypto through GBTC and its other trusts. Now, with the launch of the Grayscale Future of Finance ETF, the company is offering institutional investors new ways to gain exposure to the burgeoning asset class. Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. SEC Denies Fidelity’s Bitcoin Spot ETF The Securities and Exchange Commission has rejected Fidelity’s Wise Origin Bitcoin Trust, a Bitcoin-based spot ETF. 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