Grayscale Launches First Equity ETF in Partnership With Bloomberg

World’s largest digital asset manager Grayscale Investments has announced the launch of its first equity exchange-traded fund (ETF) called the Grayscale Future of Finance ETF which tracks the Bloomberg Grayscale Future of Finance (BGFOF) index. GFOF, which began trading on Wednesday, aims to build ‘upon the thesis that the digital economy will boost global commerce, drive market efficiencies, and provide access to new pools of capital while reducing the need for costly and cumbersome intermediaries.’ The product comprises 22 firms from three industries which include asset managers, exchanges, brokerages, and wealth managers from the digital economy. The top holdings are Paypal Holdings, Coinbase Global, Silvergate Capital, Robinhood Markets, Block (formerly Square), Plus500, Argo Blockchain, Hut 8 Mining, Bitfarms, and Hive Blockchain Technologies. Commenting on the development, Grayscale CEO Michael Sonnenshein said: “We are 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.” Grayscale’s Crypto Investment Products Grayscale has made several unsuccessful attempts to release a spot Bitcoin ETF in the United States. Despite the rejections, the company remains committed to co...