• In the United Kingdom, Italy, and Germany, Grayscale plans to establish a digital assets ETF.
  • Grayscale will appear before the SEC to argue for the conversion of its flagship fund to an ETF.

On Monday, Grayscale Investments, the world’s largest bitcoin asset manager, announced that it will launch an ETF in Europe comprised of companies reflecting the “Future of Finance.”

The cryptocurrency fund will be listed on the London Stock Exchange, the Italian Borsa Italiana, and the German Deutsche Boerse Xetra. Grayscale Future of Finance UCITS ETF (ticker: GFOF) will begin trading on May 17, three months following its first public offering. Grayscale, digital asset management based in the United States, is launching an ETF for the first time in Europe.

Asset managers, exchanges, brokers, technology businesses, and organizations that directly engage in bitcoin mining are all included in the index.

Grayscale Investments first established the ETF in February. According to a Grayscale tracker, it sold at roughly $14.69 on March 13, down from around $26 on February 1. Retail trading site Robinhood, payments business PayPal, and fintech firm Block were the index’s top three holdings as of March 13.

Investors have been moving away from riskier assets due to fears about high inflation and major central bank tightening policy. As a result, stocks in crypto-related industries have recently declined.

Bitcoin ETF in Grayscale

Last week, Grayscale, the asset management behind the world’s largest bitcoin fund, met privately with the Securities and Exchange Commission to persuade regulators to let its flagship Bitcoin fund become an ETF.

Turning the Grayscale Bitcoin Trust into an NYSE-traded ETF, according to a 24-page presentation seen by CNBC, would extend bitcoin access and give better protections while releasing up to $8 billion in value for investors.

That’s because the trust, which trades under the ticker GBTC, has been trading at a 25% discount to the price of its underlying asset since early 2021, and the discount should disappear the following conversion, according to the corporation.

Grayscale Investments, led by CEO Michael Sonnenshein, has been fighting to get the first spot-based bitcoin ETF approved by the US Securities and Exchange Commission. The asset manager has seen rival ProShares get clearance for futures-based bitcoin exchange-traded funds, implying that the SEC prefers futures-based solutions to bitcoin-based ones.

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