Grayscale’s First Equity ETF Tracks Companies Building ‘Digital Economy’

Crypto asset manager Grayscale Investments, which has $38.2 billion in assets under management, began trading its first equity ETF.

GFOF ETF Is Listed on NYSE Arca

Announced Wednesday, the exchange-traded fund — the Grayscale Future of Finance ETF, will track the Bloomberg Grayscale Future of Finance Index. Trading under the ticker GFOF, the fund aims to invest in companies working for the advancement of the ‘digital economy.’

The index aims to track 22 companies associated with several crypto-linked equities as well as other financial institutions in the fintech space, the company announced in January.

The fund will be administered by the U.S. Bank and Foreside Fund Services will act as the Grayscale ETF’s distributor. The ETF is available on the NYSE Arca, starting today.

Dave LaValle, the firm’s global head of ETFs, calls the fund the “first step” in a  strategic expansion of Grayscale’s investment offerings.

“Through GFOF, investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system,” LaValle said in a company release.

The Bloomberg Grayscale Future of Finance Index comprises asset managers, exchanges and brokerages, crypto mining companies and firms involved in energy management, to name a few.

Future of Finance Index Means Revenue Growth for Cryptos

The Bloomberg Intelligence strategists projected the securities within the index in order to drive growth within the space. The fund will also play a major role in revenue growth for digital assets in the near future.

Some of the companies under the Bloomberg Grayscale Future of Finance Index include Paypal (PYPL), Coinbase Global (COIN), Block Inc (SQ), Silvergate Capital (SI) among others, a January report stated.

Grayscale has diversified its offer to remain a leader in the smart money domain. The investment giant recently added 25 new digital assets to its “under consideration” list. This includes tokens for a number of DeFi, metaverse, and NFT projects, such as Algorand (ALGO), The Sandbox (SAND), Axie Infinity (AXS), and Enjin (ENJ).

This follows the company’s application to the U.S. Securities and Exchange Commission (SEC) in October 2021, asking to convert Grayscale Bitcoin Trust (GBTC) into an ETF, but regulators have delayed a decision on a spot Bitcoin proposal from Grayscale.