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

Grayscale Investments has declared the launch of an exchange-traded fund (ETF) in Europe. The company’s way forward for the Finance UCITS ETF can be listed on the London exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.

Grayscale Launches ETF in Europe

Grayscale Investments, the world’s largest digital asset manager, declared weekdays the launch of its 1st European exchange-traded fund (ETF) known as Grayscale way forward for Finance UCITS ETF (ticker: GFOF). it’ll list on the London exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the corporate aforesaid.

The announcement details:

GFOF UCITS ETF tracks the investment performance of the Bloomberg Grayscale way forward for the Finance Index and seeks to supply investors exposure to firms at the intersection of finance, technology, and digital assets.

UCITS ETFs are merchandise domiciled in European markets that square measure subject to the Undertakings for the Collective Investment in Transferable Securities regulation.

The GFOF UCITS ETF is Grayscale’s second ETF. The first, declared in Feb, is listed within the U.S. in partnership with Bloomberg. It conjointly tracks the investment performance of the Bloomberg Grayscale way forward for Finance Index.

“We declared our 1st ETF earlier this year in partnership with Bloomberg as a part of the enlargement of our business,” aforesaid Grayscale CEO archangel Sonnenshein. “We’re excited to be increasing our giving in Europe through the UCITS wrapper.”

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

The company recently had a non-public meeting with the SEC to debate its application, consistent with CNBC. The plus manager told the regulator that turning its Bitcoin Trust product into a NYSE-traded ETF would broaden access to bitcoin and enhance protections, unlocking up to $8 billion in price for investors.

So far, the SEC has not approved any spot bitcoin ETF. The point for the securities watchdog to either approve or reject Grayscale’s application is July 6. “The SEC is discriminating against issuers by approving bitcoin futures ETFs and denying bitcoin spot ETFs,” Grayscale antecedently aforesaid.