By Shelly Melancon (Switzerland)
Grayscale announced the launch of its new crypto ETF on Monday, adding that the ETF would be known as Grayscale future of finance UCITS ETF. It is the first time Grayscale will launch a crypto ETF for the European audience. Grayscale’s new ETF would trade under the ticker symbol GFOF.
Highlights Of The Announcement
Part of the official statement reveals that the ETF would trade on the following exchanges – the LSE, the Deutsche Borse Xetra, and Borsa Italiana. Furthermore, the GFOF UCITS ETF can be sold across all European nations.
This ETF tracks the performance of Bloomberg’s GFIF index. Through this ETF, investors can gain exposure to Web3-focused companies. These Web3-focused firms are among the top three categories of the fast-rising crypto industry. Others are the digital asset infrastructure providers and the projects in the DeFi space.
While speaking about the newly launched ETF, Grayscale CEO, Michael Sonnenshein, opined that “this product epitomizes our growth as an asset management firm and is built on our history of helping investors have an investment portfolio that can make them proud in the future. Logically, we build this new ETF on our journey to expanding our global coverage.”
Growing The Global Economy Through The Digital Asset Space
One of Grayscale’s top-level executives, David Lavalle, opined that “Grayscale remains convinced that the digital asset space would lead the path towards growing and developing the global economy.”
Also read:He further said that GFOF UCITS ETF would give Grayscale investors the chance to gain investment exposure to these Web3 companies revolutionizing the financial infrastructure worldwide. In his remarks, Hector Mcneil, HanETF CEO, stated that “crypto-related tech inventions have exploded in the last couple of years, disrupting the world’s financial economy.”
He added, “They’ve simplified financial systems and made them more transparent, inclusive, and accessible. We are convinced that our partnership with Grayscale is the next step in providing ETF investment exposure for the European market.”
Grayscale Still Wants The SEC To Approve Its Spot BTC ETF
Despite the launch, Grayscale isn’t giving up on its push for the sec to convert its popular GBTC to a BTC ETF. While speaking about the matter in a recent interview, Grayscale CEO opined that the sec has no basis not to approve a spot BTC ETF if it can approve a futures BTC ETF.
Part of a recent letter to the US financial regulator by Grayscale’s lawyers reads, “we are convinced that the Teurcrim order further lends credence to the point we emphasized in one of our previous letters, dated November 29, 2021. We wrote that there is no justification for approving a BTC futures ETP without approving a spot BTC ETF.” In a twist to the whole story, CNBC recently reported that Grayscale met with sec executives to persuade the regulators to approve its spot BTC ETF proposal.
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