Grayscale Launches First ETF in Partnership With Bloomberg

In a positive development for the crypto industry, leading digital asset management firm Grayscale has finally launched its first ever ETF in partnership with Bloomberg – big names getting serious about this asset class. The Grayscale Future of Finance (GFOF) equity fund tracks the performance of the Bloomberg Grayscale Future of Finance Index.

This move comes days after the SEC delayed approving the company’s proposal to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF. With the SEC still fighting it out against Ripple, it seems to be pushing back on requests for several ETF funds, including that from Grayscale.

However, the debut ETF GFOF will let interested investors follow the performance of companies in the asset management, brokerage and wealth management space focused on digital currencies and assets. The fund will also track firms in the digital assets infrastructure sector, including energy and mining, making it an exciting proposition for serious investors to test the waters in the digital assets’ space.

Some of the leading names the GFOF ETF will feature include Silvergate Capital, PayPal, Coinbase, Block and even Robinhood. This is a promising way for Grayscale to launch its very first ETF without raising alarms with regulators as its fund does not offer direct exposure to cryptocurrencies for its investors.

CEO at Grayscale Investments, Michael Sonnenshein, notes, “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.”

ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.

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