Grayscale Launches Their First ETF For Digital Asset-Linked Equities
Crypto and digital asset management firm Grayscale has launched its first Exchange Traded Fund (ETF) in co-operation with Bloomberg.
Grayscale Investments announced on Wednesday, 2 February, the launch of the Grayscale Future of Finance ETF, marking the step into the exchange-traded fund market for Grayscale.
The brand new ETF will trade under the GFOF ticker and track the Bloomberg Grayscale Future of Finance Index.
GFOF index tracks 22 companies associated with several U.S. and non-U.S. digital asset-linked equities.
According to Eric Balchunas, a Senior ETF Analyst for Bloomberg Intelligence, Grayscale’s Future of Finance ETF will include companies such as Coinbase, Robinhood, Argo Blockchain, Hut 8 Mining, Bitfarms, Galaxy Digital Holdings, Bakkt Holdings, and PayPal.
Grayscale launching their first ETF today called the Future of Finance ETF $GFOF. Here are the holdings. Fee is 70bs. pic.twitter.com/Ky8SUXoodh
These companies represent important sectors of the emerging digital economy including exchanges, asset managers, technology providers, and crypto mining companies among others, the announcement detailed.
GFOF will, however, not include companies that hold bitcoin treasuries as well as firms that manufacture chips for crypto miners. Digital payment processors will also not be captured by Grayscale’s new ETF.
GFOF now joins a growing list of funds that track crypto-linked securities including. Some of the current players in the field include the NFT-tracking index fund launched by Bitwise and Valkyrie’s innovative balance sheet ETF.
Grayscale CEO, Michael Sonnenshein commented:
“While Grayscale has established itself as a global leader in digital currency investing, the future of finance demands a much broader mandate.
We’re proud to announce our first ETF in partnership with Bloomberg as we undertake this strategic expansion of our business. This product draws upon our historical strengths, while kicking off the next stage of our evolution as an asset manager that helps investors build portfolios that can stand the test of time.”
