Grayscale to Launch Digital Asset ETF in UK, Italy and Germany

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Representations of virtual cryptocurrencies are placed on US dollar banknotes in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/Illustration

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LONDON, May 16 (Reuters) – Grayscale will list an exchange-traded fund (ETF) in Europe made up of companies representing “the future of finance”, the world’s largest cryptocurrency asset manager said on Monday. in a press release.

The ETF, which tracks the Bloomberg Grayscale Future of Finance Index, will be listed on the London Stock Exchange, Italy’s Borsa Italiana and Germany’s Deutsche Börse Xetra and will begin trading on May 17. This is the first time that the American company Grayscale has listed a fund in Europe.

The index contains a mix of companies involved in digital currencies, including asset managers, exchanges, brokers, technology companies, as well as companies directly involved in cryptocurrency mining.

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“For us, the digital economy is…primarily driven by the proliferation of digital assets,” said Michael Sonnenshein, CEO of Grayscale.

In February, Grayscale launched an ETF in New York to track the same index. It was trading at around $14.69 on March 13, down from nearly $26 on February 1, according to a tracker on Grayscale’s website.

Retail platform Robinhood (HOOD.O), payments company PayPal (PYPL.O) and fintech company Block were the top three holdings in the index as of March 13, according to the website.

Cryptocurrencies and crypto-related stocks have fallen in recent weeks as investors dumped riskier assets amid fears of high inflation and policy tightening from major central banks.

Last week, bitcoin plunged to $25,401.05, erasing its 2021 gains.

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Reporting by Elizabeth Howcroft; edited by Jason Neely

Our standards: The Thomson Reuters Trust Principles.

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