Grayscale launches Future of Finance ETF

Grayscale Investment’s new Future of Finance exchange-traded fund (ETF) will now list on the London Stock Exchange, Deutsche Börse Xetra and Borsa Italiana.

With the new fund named The Grayscale Future of Finance UCITS ETF (GFOF), investors will be able to make single stock purchases when betting on a variety of companies in the crypto economy.

Based on the Bloomberg Grayscale Future of Finance Index (BGFOF), the fund tracks the financial service company’s performance and hopes to be the “leaders of the emerging digital economy”.

Such stocks include PayPal, Coinbase, RobinHood and Block, alongside mining and energy management firms like Northern Data, Canaan and Argo Blockchain.

First launched on the New York Stock Exchange (NYSE) in February, GFOF currently incorporates 21 public companies with the fund starting price of $29.93.

However, due to the current crypto crisis and dramatic drop across major crypto companies, its trading value decreased standing at $14.69 last Friday.

Grayscale believes its product will deliver regardless of the drop, and the Connecticut-based firm is in for the long haul.

Grayscale’s global head of ETFs David LaValle said: “At Grayscale, we have long believed that the digital economy will be a major driver for the development and growth of the global economy.

“European investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system.”

ETFs have become incredibly popular, and Grayscale has had its eye on obtaining the correct licensing from the Securities and Exchange Commission (SEC) for some time, even threatening to sue the SEC if it was not granted the go-ahead for a BTC Spot ETF (the process of buying and selling BTC at its current price).

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Updated: 05/16/2022 — 13:00