Grayscale Investments is pleased to announce the creation of an ETF in Europe. The company’s Future of Finance UCITS ETF will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.
Grayscale launches an ETF in Europe
Grayscale Investments, the world’s largest digital asset manager, announced Monday the launch of its first European exchange-traded fund (ETF) called Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the company said.
Here are the details of the announcement
GFOF UCITS ETF follows the Bloomberg Grayscale Future of Finance Index’s investment performance and seeks investors exposure to businesses at the intersection of finance and technology.
UCITS ETFs, products domiciled in European market markets are subject to Regulation Undertakings for Collective Investment in Transferable Securities.
The GFOF UCITS ETF is Grayscale’s second ETF. Bloomberg and Grayscale have partnered to list the original, first announced February. The Bloomberg Grayscale Future of Finance Index also monitors the performance of its investments.
“We announced our first ETF earlier this year in partnership with Bloomberg as part of the expansion of our business,” said Grayscale CEO Michael Sonnenshein. “We’re thrilled to be expanding our offering in Europe through the UCITS wrapper.”
Grayscale, on the other hand, is trying to persuade the U.S. Securities and Exchange Commission to allow the conversion of the Grayscale Bitcoin Trust, its flagship product into a spot Bitcoin ETF. Currently, GBTC has assets of $19.2 million.
According to CNBC, the company met privately with the SEC recently to discuss their application. A manager of assets told regulators that turning the Bitcoin Trust product into a NYSE traded ETF would allow for greater access to Bitcoin, enhance security and unlock up to $8 million in investor value.
The SEC has yet to approve any ETF for spot bitcoin. The deadline for the securities watchdog to either approve or reject Grayscale’s application is July 6. “The SEC is discriminating against issuers by approving bitcoin futures ETFs and denying bitcoin spot ETFs,” Grayscale previously said.
How do you feel about Grayscale’s attempt to launch an ETF in Europe and convince the SEC of its spot Bitcoin ETF application approval? Leave your comments below.
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