The world’s largest digital asset manager – Grayscale – will reportedly launch an exchange-traded fund in Europe. The product, tracking the “Bloomberg Grayscale Future of Finance Index,” will go live in the UK, Germany, and Italy.
Grayscale’s First ETF in Europe
A few weeks ago, CEO – Michael Sonnenshein – disclosed that the company seeks to expand its services to the European market without disclosing the precise nature of the products.
According to a recent report by Reuters, Grayscale will introduce a cryptocurrency ETF tracking the “Bloomberg Grayscale Future of Finance Index.” It consists of a range of firms part of the crypto industry, such as exchanges, miners, asset managers, brokers, and tech companies.
Initially, the product will be listed on the London Stock Exchange, Germany’s Deutsche Börse Xetra, and Italy’s Borsa Italiana. The fund will be available on May 17, as this is the first European launch by the American digital asset manager.
“For us, the digital economy is… primarily being driven through the proliferation of digital assets.” – Sonnenshein commented.
Grayscale is one of the companies that are seeking to launch a spot Bitcoin ETF here in the United States. In 2021, it requested the SEC’s approval to convert its Grayscale Bitcoin Trust into a Spot Bitcoin ETF. Despite the fact that the SEC had already granted the approval after a 75-day review, the regulator has yet not given the green light.
Rejecting the Bitcoin ETF Could Lead to a Lawsuit
Grayscale appears determined to launch an exchange-traded fund that tracks the performance of Bitcoin in the US. Nearly one month ago CEO Sonnenshein stated that the company is ready to do whatever it takes in order to accomplish this goal. Grayscale was asked if he could sue the SEC.
“I think all options are on the table.”
Previously, in December 2021, Chief Legal Officer – Craig Salm – argued that the regulator’s possible decision to reject the product could be against the law. He added that the Commission might have a “clear vision” about ETFs, but it should display a “reasonable likelihood” on the matter.
The watchdog’s decision on Grayscale’s filing is expected this July. Sonnenshein asked all those involved to communicate with each other and come up with a satisfactory agreement.