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Grayscale Investments to List Its First ETF in Europe

The Grayscale Future of Finance exchange-traded fund will list on the London Stock Exchange, Deutsche Börse and Borsa Italiana.

Updated May 11, 2023, 5:43 p.m. Published May 16, 2022, 8:38 a.m.
Grayscale Investments CEO Michael Sonnenshein (CoinDesk)
Grayscale Investments CEO Michael Sonnenshein (CoinDesk)

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

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

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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. They 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 wanted to enter the European crypto fund market, where there are already over 70 exchange-traded products with a total of $7 billion in crypto and related assets. The new company-focused ETF will join incumbents such as the VanEck Vectors Digital Assets Equity ETF (DAPP) and Melanion Capital's BTC Equities Universe ETF .

A similar ETF, which has been listed in the U.S. since February on the NYSE Arca, was designed to broaden Grayscale's offering away from direct investment in digital assets, offering investors 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 U.S. Markets regulator the Securities and Exchange Commission (SEC) has yet to approve such a product despite having received dozens of applications in recent years.

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

Read more: Crypto Exchange-Traded Products Are Blossoming in Europe

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