Grayscale Investments To List Its First ETF in Europe Focused on Crypto Stocks

Grayscale Investments Will List Its First ETF in Europe

Grayscale Investments plans to launch its first ETF in Europe. According to BNN Bloomberg, the ETF, dubbed the Future of Finance UCITS, will be listed on some of European main exchanges.

Last month, Grayscale CEO Michael Sonnenshein said the digital asset management has been targeting the European crypto fund market, which now has over 70 exchange-traded products with a combined market cap of $7 billion.

The London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra will all list the Future of Finance UCITS ETF.

Robinhood, Coinbase, PayPal, Block (previously Square), and Silvergate are among the ETF’s flagship companies. According to Grayscale, with a 10.69% weight, the California-based financial services startup Robinhood has the largest market value of more than $900,000.

“This product draws upon our historical strengths while furthering our evolution as an asset manager that helps investors build portfolios that can stand the test of time. GFOF UCITS ETF is the natural next step in our global strategic journey,” said Sonnenshein.

According to the CEO, this ETF will track the performance of the “Bloomberg Grayscale Future of Finance Index” while also providing exposure to firms involved in finance, technology, and cryptocurrency.

These companies are “building the digital economy – all through the familiar ETF wrapper,” according to the largest asset management.

Grayscale has been seeking to acquire approval for a spot bitcoin ETF since 2017, but with Teucrium’s futures ETF approval from the SEC, the firm’s lawyers expected a speedier approval for its flagship ETF.

“We believe that the Teucrium order confirms the fundamental point made in our November 29, 2021 letter…[w]hen it comes to approving ETPs, there is not a basis for treating spot bitcoin products differently from bitcoin futures products,” said Davis Polk & Wardwell in a letter to the regulator.

Grayscale met with the SEC in private earlier this month to “persuade” the commission that bitcoin futures and spot ETFs should be regarded the same, according to CNBC.

Grayscale, on the other hand, is considering legal action if the regulator does not give approval by July 6.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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