Bitcoin Investment Giant Grayscale Launches ETF in Europe

von Eva Fox Mai 17, 2022

Bitcoin Investment Giant Grayscale Launches ETF in Europe

Grayscale announced its first European ETF, listed on the London Stock Exchange, Borsa Italiana, and Deutsche Börse Xetra. This is another step towards its expansion in Europe.

Crypto investment giant Grayscale is expanding its operations by launching a new cryptocurrency-backed exchange-traded fund (ETF) in Europe. On Monday, it officially announced its first European ETF called the Grayscale Future of Finance UCITS ETF. A Grayscale spokesperson said the ETF will begin trading on Tuesday.

The new investment product is listed on major European stock exchanges, including the London Stock Exchange, Borsa Italiana, and the electronic trading platform Xetra Deutsche Börse. The ETF, listed under the ticker symbol GFOF, will also be allowed to trade in Europe.

Launched in partnership with Bloomberg, GFOF UCITS ET tracks the Bloomberg Grayscale Future of Finance Index. Bloomberg and Grayscale jointly launched the index in January 2022 to track the digital economy, focusing on three main areas:

  • Financial Foundations – asset managers, exchanges, brokerages, and wealth managers involved in the enablement of the digital economy
  • Technology Solutions – organizations providing the technology to facilitate the digital economy through data and processing
  • Digital Asset Infrastructure – includes companies directly involved in mining, energy management, and activities that power the digital asset ecosystem

According to the announcement, the new ETF includes companies directly involved in cryptocurrency mining, energy management, and other activities in the digital asset ecosystem. According to the fund’s official information, the ETF tracks companies such as the cryptocurrency trading app Robinhood, PayPal, Block, Coinbase, Canaan, and others.

“We announced our first ETF earlier this year in partnership with Bloomberg as part of the expansion of our business. With growing global demand from both institutional and individual investors for Grayscale products, we’re thrilled to be expanding our offering in Europe through the UCITS wrapper,” said Grayscale Investments CEO Michael Sonnenshein. “This product draws upon our historical strengths, while furthering our evolution as an asset manager that helps investors build portfolios that can stand the test of time. GFOF UCITS ETF is the natural next step in our global strategic journey.”

“At Grayscale, we have long believed that the digital economy will be a major driver for the development and growth of the global economy. Through the GFOF UCITS ETF, European investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system,” said David LaValle, Global Head of ETFs at Grayscale Investments. “We are incredibly proud to reach this international milestone as Grayscale remains at the forefront of digital currency investing.”

“In the past few years, we have seen an explosion of digital innovations and solutions disrupting the global financial sector, making it more accessible, transparent and inclusive,” said Hector McNeil, co-CEO and co-Founder of HANetf. “We are excited to work with a trusted partner like Grayscale to bring an ETF to the European market providing exposure to the digital economy.”

© 2022, Eva Fox | Tesmanian. All rights reserved.

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