Grayscale Bypasses SEC Pushbacks, Debuts First Ever ETF
The world’s largest digital asset manager with over $36.5 billion in assets under management (AUM), has launched its first exchange-traded fund (ETF).
The Grayscale Future of Finance (GFOF) is an equity ETF that tracks the performance of the Bloomberg Grayscale Future of Finance Index.
While the ETF launched early last week, Grayscale saw its proposal to convert its Grayscale Bitcoin Trust Fund (GBTC) delayed later in the week by the SEC.
The index the ETF tracks comprise the shares of companies that operate as asset managers, exchanges, brokerages, and wealth managers in the digital economy.
Companies that provide technology solutions as well as companies that provide digital assets infrastructure such as energy and mining.
The top holdings in the ETF include Silvergate Capital, PayPal, Coinbase, Block, and Robinhood. Notably, the ETF does not give direct exposure to cryptocurrencies.
The SEC has commenced proceedings to get the public’s comments on if the ETF should be approved or not, citing that on its part, the commission still had misgivings for the ETFs ability to protect consumers.