Investment Giant, Grayscale Investments recently shared about their intentions towards listing its first ever European ETF.
European ETF in the Works
The upcoming latest development from the Investment Giant, Grayscale Investments has seen to attract many, as the firm recently announced that they will be working to introduce its first ever Exchange-Traded Fund (ETF) in Europe, termed as, the Future of Finance UCITS. Regarding a report from BNN Bloomberg, the ETF is expected to be added into several highly popular exchanges in the region.
CEO of Grayscale, Michael Sonnenshein stated back in the month of April that the firm has been studying the cryptocurrency funding market in the region of Europe for quite some time, learning that the market is already host more than 70 exchange-trading product services, having a total valuation in assets of around an impressive $7 billion in worth.
As of the now, according to the information revealed, the ETF from Grayscale, the Future of Finance UCITS will soon be introduced in the London Stock Exchange, Italian Stock Exchange Borsa Italiana in Milan and the Deutsche Borse Xetra present in Frankfurt Germany. The ETF will boast globally popular companies such as, Robinhood, Coinbase, PayPal and a couple more. Grayscale revealed that Robinhood has the largest market value, sitting around $900,000 in addition to its almost 11% weight.
Michael Sonnenshein additionally stated that this product service reflects upon their historical power, and it promotes financial advancement, as its assists investors in developing robust portfolios that remain intact with the growing times. Michael heavily praised GFOF UCITS exchange-traded fund, saying that it highlights their coming position according to their global strategic plan.
Furthermore, Sonnenshein also mention that the ETF will keep in touch with the overall performance of the Bloomberg Grayscale Future of Finance Index, providing the necessary publicity to the financial markets, cryptocurrency firms and the technologies that revolve around the operations of those firms, leading towards the development of a strong, robust, and secure digital economy via the recognizable ETF wrapper.
Grayscale’s Struggle towards Bitcoin ETFs
Looking at Grayscale’s personal struggles, it is still working hard to receive an official approval for a spot Bitcoin ETF for more than 4 years now. Reports from CNBC mentioned that Grayscale has been conducting meetings with the Securities and Exchange Commission to convince them that Bitcoin futures and spot ETFs should be considered as equals and should receive similar importance.
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