Grayscale Investments, the world’s largest digital currency asset manager, launched its first exchange-traded fund (ETF), the Grayscale Future of Finance ETF, on Wednesday (symbol: GFOF).
The new ETF “seeks to invest in the firms and technology influencing the ‘future of finance,'” according to the company. It’s also the “first equity ETF to track the Bloomberg Grayscale Future of Finance Index’s investing performance.”
Grayscale Investments’ worldwide head of ETFs, David LaValle, stated:
“Through GFOF, investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system.”
Despite having 22 holdings, there is no microstrategy.
As of February 2, the fund has 22 holdings. Paypal Holdings, Coinbase Global, Silvergate Capital, Robinhood Markets, Block (previously Square), Plus500, Argo Blockchain, Hut 8 Mining, Bitfarms, and Hive Blockchain Technologies rank first and second, respectively.
The Nasdaq-listed Microstrategy, on the other hand, is not included in the ETF’s components. “The way we developed this product was to exclude organizations that are storing bitcoin on the balance sheet,” Grayscale CEO Michael Sonnenshein told CNBC on Wednesday. Microstrategy added 660 BTC to its bitcoin holdings on Tuesday, bringing the total to 125,051 BTC.
U.S. Bank has been chosen by Grayscale as the ETF’s administrator and service provider. The ETF will be distributed through Foreside.
The new ETF product is underpinned by proprietary data and “strong analysis from Bloomberg Intelligence,” according to Dave Gedeon, global head of Multi-Asset Indices at Bloomberg.
“The Bloomberg Grayscale Future of Finance Index is primed to become the key equity benchmark for our ever-evolving digital economy.”
Grayscale is now managing $34.6 billion in assets (AUM). The company offers 16 different cryptocurrency investment options. Grayscale Bitcoin Trust (GBTC) is the largest, with $24.8 billion in assets. The Solana trust, which was established in November of last year, is the most recent addition.
Grayscale announced in January that it is considering 25 more crypto assets for investment products, bringing the total number to 43.
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