Based in New York, owned by Digital Currency Group bitcoin and altcoin fund grayscalehas launched the first exchange-traded fund to track the Bloomberg Grayscale Future of Finance (BGFOF) index.
Grayscale is one of the largest crypto funds currently holding 643 thousand Bitcoin and 3.11 million Ethereum. The assets under Grayscale’s management are valued at approximately $38 billion.
Grayscale said that the fund in question will be managed by the US Bank and will be traded with the code GFOF.
The BGFOF fund was launched between the two companies in January and tracks the performance of 22 financial services companies in the digital economy. Among the companies are giants such as Silvergate Capital, Paypal, Coinbase Global, Block (Square) and Robinhood.
We’re Moving To The Next Stage
Grascale is launching its first stock ETF, signaling that it will take its place not only in the cryptocurrency space but also in mainstream markets.
It was stated that the said fund will facilitate GFOF investors’ access to new capital pools and reduce the need for costly intermediaries.
Making a statement on the subject, Grayscale Investments CEO Michael Sonnenshein said:
“Grayscale itself digital currency Although it has positioned itself as a global leader in investment, the future of finance requires much broader mandate.
This product [GFOF]“Starts the next phase of our evolution as an asset manager that helps investors build portfolios that will stand the test of time while leveraging our historical strengths.”