Grayscale Investments, the world’s largest digital asset manager, has launched its first exchange-traded fund (ETF). It will be known as the Grayscale Future of Finance ETF, and it will be the first equity ETF to track the Bloomberg Grayscale Future of Finance Index’s performance.
GFOF will be the name of the company’s new product, according to a statement released on February 2. Its goal will be to:
Rely on the thesis that the digital economy would boost global trade, improve market efficiency, and open up new capital resources while minimizing the need for expensive and inefficient intermediaries.
The product will include asset managers, stock exchanges, brokerage houses, and wealth management companies from the digital economy sector. The ETF will also include companies “providing technological solutions for the digital economy and entities of digital asset infrastructure.” These are companies involved in the extraction and management of energy.
US Bank has selected grayscale to serve as the fund’s administrator and service provider, while Foreside will be the distributor. Grayscale CEO Michael Sonnenshein stated the following about the new product’s development:
As part of our strategic growth, we are pleased to announce the launch of our first ETF in collaboration with Bloomberg. This product builds on our previous successes. Simultaneously, he is embarking on the next phase of our evolution as an asset manager, assisting investors in creating long-term portfolios.
According to Dave Gideon, director of Bloomberg’s index division, “The new product is ready to become a key indicator of an ever-evolving digital economy.”