Grayscale to Launch Digital Assets ETF in UK, Italy, Germany | Technology News

LONDON (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 in a statement on Monday.

The ETF, tracking the “Bloomberg Grayscale Future of Finance Index”, will be listed on the London Stock Exchange, Italy’s Borsa Italiana and Germany’s Deutsche Bourse Xetra and start trading on May 17. It is the first time that a US-based Grayscale has been listed. A fund in Europe.

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

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

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

Retail trading platform Robinhood, payments firm PayPal, and fintech firm Block were the index’s top three holdings as of March 13, the website said.

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

Last week, bitcoin plunged to as low as $ 25,401.05, wiping out its gains from 2021.

(Reporting by Elizabeth Howcroft; editing by Jason Neely)

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