Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF

Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF

Grayscale Launches European ETF While Urging US SEC to Approve GBTC Conversion to Bitcoin ETF

Grayscale Investments has introduced the launch of an exchange-traded fund (ETF) in Europe. The firm’s Future of Finance UCITS ETF will record on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.

Grayscale Launches ETF in Europe

Grayscale Investments, the world’s largest digital asset supervisor, introduced Monday the launch of its first European exchange-traded fund (ETF) known as Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will record on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the corporate mentioned.

The announcement particulars:

GFOF UCITS ETF tracks the funding efficiency of the Bloomberg Grayscale Future of Finance Index and seeks to supply buyers publicity to corporations on the intersection of finance, know-how, and digital belongings.

UCITS ETFs are merchandise domiciled in European markets which can be topic to the Undertakings for the Collective Investment in Transferable Securities regulation.

The GFOF UCITS ETF is Grayscale’s second ETF. The first, introduced in February, is listed within the U.S. in partnership with Bloomberg. It additionally tracks the funding efficiency of the Bloomberg Grayscale Future of Finance Index.

“We introduced our first ETF earlier this 12 months in partnership with Bloomberg as a part of the enlargement of our enterprise,” mentioned Grayscale CEO Michael Sonnenshein. “We’re thrilled to be increasing our providing in Europe via the UCITS wrapper.”

Meanwhile, Grayscale is making an attempt to persuade the U.S. Securities and Exchange Commission (SEC) to approve the conversion of its flagship product, the Grayscale Bitcoin Trust (GBTC), right into a spot bitcoin ETF. GBTC presently has $19.2 billion in belongings beneath administration.

The firm lately had a personal assembly with the SEC to debate its software, in response to CNBC. The asset supervisor advised the regulator that turning its Bitcoin Trust product right into a NYSE-traded ETF would broaden entry to bitcoin and improve protections whereas unlocking as much as $8 billion in worth for buyers.

So far, the SEC has not accepted any spot bitcoin ETF. The deadline for the securities watchdog to both approve or reject Grayscale’s software is July 6. “The SEC is discriminating in opposition to issuers by approving bitcoin futures ETFs and denying bitcoin spot ETFs,” Grayscale beforehand mentioned.

What do you consider Grayscale launching an ETF in Europe whereas making an attempt to persuade the SEC to approve its spot bitcoin ETF software? Let us know within the feedback part beneath.

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