Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF – Grayscale Investments, the world’s largest digital asset manager, announced the launch of Grayscale Future of Finance UCITS ETF, its first European exchange-traded fund (ETF) (ticker: GFOF).
The company announced that it would list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.
The announcement details:
“The GFOF UCITS ETF attempts to provide investors with exposure to companies at the convergence of finance, technology, and digital assets by tracking the investment performance of the Bloomberg Grayscale Future of Finance Index.”
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The Undertakings for the Collective Investment in Transferable Securities rule applies to UCITS ETFs, which are products domiciled in European markets.
Grayscale’s second ETF is the GFOF UCITS ETF. The first, revealed in February, is listed on Bloomberg in the United States. It also follows the Bloomberg Grayscale Future of Finance Index’s investing performance.
“As part of our business expansion, we unveiled our first ETF earlier this year in cooperation with Bloomberg,” said Grayscale CEO Michael Sonnenshein. “Through the UCITS wrapper, we’re excited to expand our service in Europe.”
Meanwhile, Grayscale is attempting to persuade the SEC to authorize the conversion of its flagship product, the Grayscale Bitcoin Trust (GBTC), into a spot bitcoin ETF. The company presently manages $19.2 billion in assets.
According to CNBC, the business just had a secret meeting with the SEC to address its application. The asset manager informed the regulator that converting its Bitcoin Trust product into a NYSE-traded ETF will increase investor access to bitcoin and improve protections while releasing up to $8 billion in value.
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So far, no spot bitcoin ETFs have been approved by the SEC. The Securities and Exchange Commission has until July 6 to approve or reject Grayscale’s application. “By licensing bitcoin futures ETFs and refusing bitcoin spot ETFs, the SEC is discriminating against issuers,” Grayscale earlier stated.
