New York-based Bitcoin and altcoin fund Grayscale, owned by Digital Currency Group, has 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.
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, Michael Sonnenshein, CEO of Grayscale Investments, "We are moving to the next stage." said.
“While Grayscale has positioned itself as a global leader in digital currency investing, the future of finance requires much broader mandate. This product [GFOF] marks the next phase of our evolution as an asset manager helping investors build portfolios that will stand the test of time while leveraging our historical strengths. starts."
What is an ETF?
ETF; It is the abbreviation of exchange-traded funds created to provide portfolio diversity and traded on stock exchanges. Exchange-traded Funds (ETF) is a type of mutual fund traded on traditional exchanges. They can include assets such as stocks, commodities or bonds. ETFs have a securities or bond index.