The world’s largest digital currency asset manager Grayscale Investments has launched Grayscale Future of Finance ETF (GFOF) in partnership with Bloomberg. The company has described this as its first ETF.
Michael Sonnenshein, the CEO of Grayscale Investments, said they launched the ETF keeping in mind that the future of finance demands a much broader mandate. He said the new product draws upon the company’s historical strengths and is a step towards their evolution as an asset manager. It will help investors build shares that can stand the test of time. Sonnenshein revealed they designed this product to exclude companies that are holding bitcoin on the balance sheet.
Dave Gedeon, the Global Head of Multi-Asset Indices at Bloomberg, says the partnership with Grayscale will help Bloomberg advance its commitment to innovative and investable products. He highlighted that the Bloomberg Grayscale Future of Finance is set to become the key equity benchmark for the ever-evolving digital economy.
GFOF represents the three Future of Finance pillars:
i.Financial Foundations – this includes exchanges, asset managers, wealth managers, brokerages who are involved in the digital economy.
ii. Technology Solutions – organizations use technology to move in the digital technology via data and processing.
iii. Digital Asset Infrastructure – here companies are directly involved in energy management, mining, and activities in the digital economy space.
David LaValle, the Global Head of ETFs at Grayscale Investments, said this is the first step in the ongoing strategic expansion of the company’s investment offerings that leverage the ETF wrapper. He pointed out that investors now have the opportunity to receive exposure to the companies that are crucial to the transformation of the global financial system.