On Monday, the world’s largest digital asset manager, Grayscale Investments, announced the launch of Grayscale Future of Finance UCITS ETF (ticker: GFOF), its first European exchange exchange-traded fund (ETF).
Further, the company said that the Deutsche Börse Xetra, London Stock Exchange (LSE), and Borsa Italiana would list the ETF.
The announcement details:
GFOF UCITS ETF aims to provide exposure to companies at the intersection of finance, digital assets, and technology. It also tracks the Bloomberg Grayscale Future of Finance Index’s investment performance.
UCITS ETFs are products that are found in the European markets that are subject to the undertakings of the Collective Investment in Transferable Securities regulation.
The GFOF UCITS ETF is the second ETF of Grayscale. Announced in February, the first is listed in the U.S collaboration with Bloomberg.
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Michael Sonnenshein, CEO of Grayscale, said that as part of the expansion of their business, they announced their first ETF earlier this year in collaboration with Bloomberg. Sonnenshein also shared their excitement regarding the offering in Europe through the UCITS wrapper.
Grayscale is also making efforts to persuade the U.S. Securities and Exchange Commission (SEC) gave approval to the conversion of its flagship product, the Grayscale Bitcoin Trust (GBTC), into a spot bitcoin ETF. Currently, around $19.2 billion are assets under management in GBTC.
According to CNBC, the company recently attended a private meeting with the SEC to discuss its application. The asset manager advised the regulator to turn its Bitcoin Trust product into an NYSE-traded ETF as it believes it would broaden access to Bitcoin and improve protections while unlocking up to $8 billion in value for investors.
The SEC has not yet approved any spot Bitcoin ETF. July 6 is the deadline for the securities watchdog to announce its decision on whether to approve or reject Grayscale’s application. Earlier, Grayscale said that the SEC through approving bitcoin futures ETFs and denying bitcoin spot ETFs is discriminating against issuers.
Source: https://www.thecoinrepublic.com/2022/05/17/grayscale-announced-european-etf-launch-also-urges-sec-to-approve-gbtc-conversion-into-spot-bitcoin-etf/