Bloomberg And Grayscale Launch First Equity ETF

Bloomberg and Grayscale launched first equity ETF in the States but Grayscale is still unable to launch a spot Bitcoin ETF so let’s read further in our Bitcoin latest news today.

The world’s biggest digital asset manager Grayscale Investments announced the launch of the first ETF dubbed Grayscale Future of Finance ETF and will be the first equity ETF to track the performance of the Grayscale Futures of Finance index. Bloomberg and Grayscale launch their first equity ETF and the statement informed that the new product’s ticket will be dubbed GFOF. It will aim to build on the thesis that the digital economy will improve global commerce and will drive market efficiencies to provide access to new pools of capital while reducing the need for costly intermediaries.

The product will comprise entities from three industries and will have asset managers, brokerages, exchanges, wealth managers, and more from teh digital economy. Technology solution companies like the companies that provide technology to the digital economy and digital asset infrastructure entities are all involved in energy management and mining and will also be a part of the ETF. Grayscale tapped US Bank as the new administrator and service provider of the fund while Foreside will be the distributor. Grayscale CEO Michael Sonnenshein noted:

“We are proud to announce our first ETF in partnership with Bloomberg as we undertake this strategic expansion of our business. This product draws upon our historical strengths while kicking off the next stage of our evolution as an asset manager that helps investors build portfolios that can stand the test of time.”

Bloomberg’s Global Head of Multi-Asset Indices Dave Gedeon said the new product is primed to become the key equity benchmark for the digital economy. While GFOF will launch today, grayscale made a few attempts to release a spot BTC ETF in the states but the company remained committed to converting its biggest product into an exchange-traded fund whcih will track the performance of the main cryptocurrency.

As recently reported, Grayscale’s GBTC premium continued falling and reached a new all-time low. According to the data from Coinglass, the trust’s negative premium reached an all-time low as BTC has a hard time around the $35,000 price point. The GBTC has been trading on a decline since February last year with the premium now sitting at 30%.