Crypto Giant Grayscale Partners With Bloomberg to Launch First Equity ETF

New York-based Grayscale has unveiled the first equity exchange-traded fund (ETF) tracking the Future of Finance (BGFOF), according to a report by CoinDesk on Wednesday.

Grayscale, which manages $38.2 billion in assets, stated that the fund will be operated by the US Bank and trade under the ticket GFOF.

The BGFOF index was unveiled in January in partnership between the two firms and tracking the performance of 22 financial services firms in the digital economy.

The list of companies comprises Silvergate Capital (SI), PayPal (PYPL), Coinbase Global (COIN), Block Inc (SQ), Robinhood Markets Inc (HOOD), and Argo Blockchain PLC (ARB) among others.

With the launch of its first equity ETF, Grayscale is expanding its product range away from strictly crypto investing and providing investors exposure to mainstream markets.

Michael Sonnenshein, CEO of Grayscale Investments, stated even though Grayscale has positioned itself as a global leader in digital currency investing, the future of finance demands a wider mandate.

GFOF will provide investors with access to “new pools of capital” by reducing the need for costly intermediaries.