February 25, 2024

Today, Bloomberg has partnered with a crypto investment firm, Grayscale, to launch an exchange-traded fund (ETF). This launch is a welcome development to Grayscale as it dives into the digital economy.

The ETF launched by Grayscale is called GFOF (Grayscale Future of Finance). It will help to track the performance of Bloomberg’s GFOF index. The fund was created because the organization believes in the digital economy. The digital economy will massively increase commerce worldwide, provide new capital opportunities, and remove the need for mediators.

The distributor of the ETFs will be Foreside and US Bank will perform administrative duties and service provision  

Also Read:  Azuki NFT Sales Lose Over $200M, Hitting New 2022 Lows

Details Of The Partnership

According to a leader at Bloomberg, David Gedeon, they are happy to work with Grayscale and have the benchmark that would help the asset manager achieve its goal. This was made known in a press statement from Grayscale. Using the proprietary data from Grayscale and voluminous research from Bloomberg Intelligence, both companies want the Bloomberg GFOF index to become a standard in the ever-increasing digital economy. 

Although ETH and BTC-based ETF began in Canada, crypto ETFs are currently making the waves in the United States. Crypto ETFs started gaining momentum after the approval of the United States of America Securities Exchange Commission on the Proshares ETF that is based on Bitcoin. This approval was given in October 2021.

Also Read:  Why is Metaverse Taking So Long to Get to Consumers? Analyzing Technical, Regulatory, & Social Factors

Proshare’s ETF had the biggest exchange-traded fund in history. This result showed considerable anticipation of ETFs in the United States. 

The Exchange-traded Funds composition of the top ten companies shows trading firms taking most of the ETF. Companies like PayPal, Coinbase, and Robinhood accounted for more than 24%. The index of Bloomberg is centered on organizations that represent the three pillars of “Future of Finance.”

The three pillars are; financial foundations, Technological solutions, and Infrastructure for digital assets.

According to the official in charge of ETF at Grayscale, David LaValle, the organization is happy to have launched their ETF, which will enable them to increase their investment portfolio and meet the demands of investors. 

Also Read:  Cyber Crime as a Service: A Growing Threat in the Metaverse

One ETF is trading at about $24 with net assets of about $3 million and 125,000 outstanding shares.

Grayscale Investment 

As of October 2021, Grayscale investment company had about $55 billion worth of AUM (Assets Under Management). This made Grayscale the largest digital investment  manager in the world. Presently, the product suite of the investment firm covers 70% of the world’s digital assets. 

NFTMetaverseFinance is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Voices content) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

Leave a Reply

Your email address will not be published. Required fields are marked *