Alternative Investments/FinTech: Grayscale Files To Launch “Future Of Finance” Equity ETF

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The proposed ETF will invest in stocks that are at “the intersection of finance, technology and digital assets.”

Grayscale Investments LLC filed Friday with the SEC for the Future of Finance ETF (GFOF), an ETF product focused on companies involved in the advancement of the digital economy. The new ETF would be sub-advised by Vident Investment Advisory, and US Bank would function as custodian. (Yahoo Finance)

Grayscale Future of Finance ETF (GFOF)

The ETF will track an index covering “companies involved in the enabling of buying, selling, and transacting in digital assets, the development of the infrastructure to create applications utilizing blockchain technology, the supply of infrastructure around the digital asset ecosystem, and the mining of digital assets,” the filing said.

Grayscale is still awaiting the SEC’s green signal for converting its Grayscale Bitcoin Trust (GBTC) into an ETF based on spot (not futures) bitcoin. The trust has nearly $40 billion of AUM and holds about 3.4% of the global bitcoin supply.

Meanwhile, as a number of applications for spot bitcoin ETFs cool their heels in the offices of the SEC, futures-based bitcoin ETFs have already seen the light of day and are enjoying record response from investors.

Till such time as the SEC makes up its mind on spot crypto ETFs, it is Grayscale’s view that GFOF is the next best thing for investors. However, GFOF would not invest in digital assets directly or through the use of derivatives, and will also not invest in initial coin offerings.

“Since our founding in 2013, we have worked to create a suite of secure, familiar investment products that provide investors with access to the digital economy,” a Grayscale spokeswoman wrote in an email. The GFOF filing “is yet another example of how Grayscale will continue to diversify its product family to meet the increasing demand for future-forward investment opportunities.”

Meanwhile, the SEC approved on October 5 the Volt Crypto Industry Revolution and Tech ETF, a new ETF that provides investors exposure to companies that hold a majority of their net assets in bitcoin or derive a majority of their profit or revenue from bitcoin-related activities.

Related Story: The Volt ETF, Focused On Bitcoin Companies, Gets SEC Nod

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