https://ift.tt/NCeSh2lL4 and Bloomberg Launch First Equity ETF

The world’s largest digital asset manager, Grayscale Investments, announced today the launch of its first ETF. Dubbed Grayscale Future of Finance ETF, it will be the first equity ETF to track the performance of the Bloomberg Grayscale Future of Finance Index.

• The statement dated February 2nd informed that the new product’s ticker will be GFOF. It will aim to build “upon the thesis that the digital economy will boost global commerce, drive market efficiencies, and provide access to new pools of capital while reducing the need for costly and cumbersome intermediaries.”
• The product will comprise entities from three industries. It will have asset managers, exchanges, brokerages, and wealth managers from the digital economy.
• Technology solution companies, such as firms providing technology to the digital economy and digital asset infrastructure entities – organizations involved in mining and energy management, will also be a part of the ETF.
• Grayscale has tapped US Bank as the administrator and service provider of the new fund, while Foreside will be its distributor.

• “We are proud to announce our first ETF in partnership with Bloomberg as we undertake this strategic expansion of our business. This product draws upon our historical strengths while kicking off the next stage of our evolution as an asset manager that helps investors build portfolios that can stand the test of time.” – said Grayscale CEO Michael Sonnenshein.

• Bloomberg’s Global Head of Multi-Asset Indices, Dave Gedeon, indicated that the new product “is primed to become the key equity benchmark for our ever-evolving digital economy.”
• While GFOF is set to launch today, Grayscale has made several unsuccessful attempts to release a spot Bitcoin ETF in the States. Nevertheless, the company remains committed to converting its largest product – The Grayscale Bitcoin Trust – into an exchange-traded fund tracking the performance of the primary cryptocurrency.