Grayscale Investments launches its first ETF in Europe

Grayscale Investments launches its first ETF in Europe

The Grayscale Future of Finance exchange-traded fund is listed on the London Stock Exchange, the German Stock Exchange and Borsa Italiana.

Grayscale Investments plans to list its first exchange-traded fund (ETF) in Europe, offering investors exposure to companies in the financial, technology and digital asset sectors.

The Grayscale Future of Finance UCITS ETF (GFOF) will be listed on the London Stock Exchange (LSE), Deutsche Börse and Borsa Italiana and will be available to investors across Europe. Trading in the ETF is expected to begin tomorrow, a company representative said.

The ETF will track the Bloomberg Grayscale Future of Finance Index, which was launched in January to track the performance of financial services and technology companies in the digital economy. These include PayPal (PYPL), Coinbase Global (COIN), Block (SQ), Robinhood Markets (HOOD) and Argo Blockchain (ARB).

CEO Michael Sonnenshein said in April that the digital asset manager was looking to enter the European crypto fund market, where there are already more than 70 exchange-traded products with a combined $7 billion in cryptocurrencies and related assets. The new enterprise-focused ETF will join established products such as the VanEck Vectors Digital Assets Equity ETF and Melanion Capital's BTC Equities Universe ETF.

A similar ETF, which has been listed on the NYSE Arca in the U.S. since February, was designed to expand Grayscale's offering away from direct investments in digital assets and provide investors with exposure to companies whose performance is indirectly linked to the crypto market.

Grayscale is currently seeking to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF in the United States. The Securities and Exchange Commission (SEC) has yet to approve such a product, although it has received dozens of applications in recent years.

Grayscale is a subsidiary of Digital Currency Group, which is also the parent company of CoinDesk.