Grayscale Debuts European Crypto ETF Despite Market Crash
Grayscale Investments on Monday said it is launching several new European-listed products as part of its cross-Atlantic debut.
The asset manager will launch the Grayscale Future of Finance UCITS ETF in Europe. The ETF will be Grayscale’s first European fund to be listed on the London Stock Exchange, Borsa Italiana, and Deutsche Börse Xetra. Moreover, the ETF will be available to trade across Europe.
Crypto uncertainty is on the rise as a result of the market mayhem in May, putting top cryptocurrencies under pressure. Moreover, the collapse of Terra’s LUNA and UST tokens, and extreme fear in the crypto market have put traders in hibernation mode. Therefore, Grayscale is launching a less risky ETF that comprises companies in digital assets, as well as, finance and technology.
Grayscale Offers Less Risky Way of Crypto Investment in Europe
The world’s largest digital asset management firm Grayscale’s Future of Finance UCITS ETF will launch on May 17. It will track the performance of the Bloomberg Grayscale Future of Finance Index, said the company in a tweet on May 16.
The GFOF UCITS ETF is created in collaboration with HANetf, a full services ETF issuer in Europe. Through an investment in the ETF, investors will be able to diversify their portfolio as the ETF comprises companies such as PayPal, Coinbase Global, Block, Robinhood Markets, and Argo Blockchain.
Commenting on global demand from institutional and individual investors for Grayscale products, the company’s CEO Michael Sonnenshein said:
“We’re thrilled to be expanding our offering in Europe through the UCITS wrapper. 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.”
In fact, Grayscale has also launched an ETF in the U.S. in February that tracks the performance of the Bloomberg Grayscale Future of Finance Index.
Grayscale’s Spot Bitcoin ETF Remains in Doubt
The conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF remains in question. Moreover, the SEC stands muted regarding the prospect of a spot Bitcoin ETF in the U.S.
However, with the approval of Teucrium and Valkyrie Bitcoin futures ETF under the 33 Act, Grayscale is hopeful that conversion seems more likely than a new spot Bitcoin ETF.
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