Grayscale Investments has introduced the launch of an exchange-traded fund (ETF) in Europe. The firm’s Future of Finance UCITS ETF will checklist on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.
Grayscale Launches ETF in Europe
Grayscale Investments, the world’s largest digital asset supervisor, introduced Monday the launch of its first European exchange-traded fund (ETF) referred to as Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will checklist on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the corporate mentioned.
The announcement particulars:
GFOF UCITS ETF tracks the funding efficiency of the Bloomberg Grayscale Future of Finance Index and seeks to provide traders publicity to corporations on the intersection of finance, expertise, and digital property.
UCITS ETFs are merchandise domiciled in European markets which might be topic to the Undertakings for the Collective Investment in Transferable Securities regulation.
The GFOF UCITS ETF is Grayscale’s second ETF. The first, introduced in February, is listed within the U.S. in partnership with Bloomberg. It additionally tracks the funding efficiency of the Bloomberg Grayscale Future of Finance Index.
“We announced our first ETF earlier this year in partnership with Bloomberg as part of the expansion of our business,” mentioned Grayscale CEO Michael Sonnenshein. “We’re thrilled to be expanding our offering in Europe through the UCITS wrapper.”
Meanwhile, Grayscale is attempting to persuade the U.S. Securities and Exchange Commission (SEC) to approve the conversion of its flagship product, the Grayscale Bitcoin Trust (GBTC), right into a spot bitcoin ETF. GBTC at present has $19.2 billion in property underneath administration.
The firm just lately had a non-public assembly with the SEC to focus on its software, in accordance to CNBC. The asset supervisor instructed the regulator that turning its Bitcoin Trust product right into a NYSE-traded ETF would broaden entry to bitcoin and improve protections whereas unlocking up to $8 billion in worth for traders.
So far, the SEC has not authorised any spot bitcoin ETF. The deadline for the securities watchdog to both approve or reject Grayscale’s software is July 6. “The SEC is discriminating against issuers by approving bitcoin futures ETFs and denying bitcoin spot ETFs,” Grayscale beforehand mentioned.
What do you consider Grayscale launching an ETF in Europe whereas attempting to persuade the SEC to approve its spot bitcoin ETF software? Let us know within the feedback part under.
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