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Grayscale launches a new crypto-focused ETF

 


Grayscale Investments has announced its first ETF, the Grayscale Future of Finance ETF.



Grayscale has announced its first ETF: Grayscale Future of Finance ETF

Grayscale Investments has launched its first exchange traded fund. The Grayscale Future of Finance ETF will track the Bloomberg Grayscale Future of Finance Index.


The crypto giant believes that demand will increase, boosting global trade, making the market more efficient and diversifying sources of capital while becoming cost-effective. Grayscale CEO Michael Sonnenshein said in his recent announcement:


“We are proud to announce our first ETF in partnership with Bloomberg as we undertake this strategic expansion of our business. This product builds on our historical strengths while also ushering in the next phase of our evolution as a wealth manager that helps investors build portfolios that can stand the test of time.”


Grayscale, with $38.2 billion in assets under management, said the fund is managed by US Bank and trades under the ticker GFOF. Foreside Fund Services, LLC is the distributor of the ETF. Dave Gedeon, Global Head of Multi-Asset Indices at Bloomberg, said he was excited to work with the crypto giant, adding:


"Powered by our own data combined with robust research from Bloomberg Intelligence, the Bloomberg Grayscale Future of Finance Index has the potential to become the most important equity benchmark for our ever-evolving digital economy."


The ETF does not invest in cryptocurrencies directly or through derivatives, but may gain indirect exposure through the companies in which it invests. Top holdings at inception include PayPal Holdings (PYPL) at 9.65%, Coinbase Global (COIN) at 8.30%, Silvergate Capital (SI) at 7.97%, and Robinhood (HOOD) at 7.84 %.



Separately, Grayscale is still awaiting US Securities and Exchange Commission (SEC) approval to convert its flagship Grayscale Bitcoin Trust (GBTC) into a bitcoin spot ETF.

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