Grayscale, a Bitcoin Investment Giant Announces First ETF in Europe

Grayscale, a crypto investment giant, has reported it is expanding its operations by unveiling a new crypto ETF in Europe. 

On Monday, Grayscale announced its first European ETF, referred to as Grayscale Future of Finance UCITS ETF. The new product is being listed in major European stock markets, including the Borda Italiana, London Stock Exchange, and Deutsche Borse’s Xetra. The ETF is also being passported for sale in entire Europe under the ticker GFOF.

GFOF ETF to Track Technologies, Finance and Digital Assets

GFOF was launched in partnership with Bloomberg to help track the performance of the Bloomberg Grayscale Future of Finance Index. Grayscale and Bloomberg introduced the index jointly in January 2022 to track the digital economy. To be more specific, they target to determine the direction of technology, finance and digital assets. 

The new ETF includes firms that are directly involved in energy management, crypto mining, and other crucial activities in the digital asset ecosystem. Some of the companies tracked by the ETF include Robinhood, Coinbase, Block, and Paypal, among others. 

According to Davis Lavalle, GFOF UCITS ETF is offering European investors an opportunity to receive exposure to firms that are core to the evolution of the international financial system. 

Grayscale is one of the largest Bitcoin investment firms. With the current market volatility, GBTC, the Grayscale Bitcoin BTC Trust with USD 18.3 billion in assets under management, reported a significant decline. On Friday, it was trading at 31% discount.

Grayscale has been marketing Bitcoin Spot ETF aggressively, with the CEO, Michael Sonnenshein, saying they were readying for a fight with the US Securities and Exchange Commission (SEC) if the ETF is declined. 

The news is coming as the worldwide adoption of crypto-related ETFs increases. By the close of Q1 of 2022, crypto ETFs had hit USD 16.3 billion. Recently, 21Shares, one of the major Crypto ETF issuers in Europe, increased its investment offering with a decentralized finance (DeFi) and Layer-1 infrastructure exchange-traded products (ETPs). 

21Shares Crypto Layer 1 ETP (LAY1) is listed in six Swiss exchanges to provide investors with exposure to the leading blockchains in the DeFi niche. 21Shares DeFi 10 Infrastructure ETP (DEFI) is expected to hit the same exchanges on Wednesday 18th May 2022.  

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