Grayscale expands ETF business, puts forward 3 new crypto funds
Three new crypto-focused exchange-traded funds (ETFs) have been put forward for approval by cryptocurrency asset manager Grayscale Investments, which also announced a new entity to manage its growing funds.
On May 9, Grayscale said it launched a new arm of its business — the Grayscale Funds Trust — allowing it to manage many of its publicly traded financial products in-house.
In addition to the new trust, Grayscale revealed it filed a registration statement with the United States Securities and Exchange Commission (SEC) for three new crypto-focused ETFs, despite previous roadblocks from the regulator over crypto-related ETFs.
The new funds comprise an Ethereum Futures ETF, a Global Bitcoin Composite ETF along with a Privacy ETF.
The Global Bitcoin Composite ETF would invest in exchange-traded products that are related to or backed by Bitcoin (BTC), including Bitcoin mining firms.
Similarly, the Ethereum futures ETF would allow an indirect exposure to the potential future value of Ether (ETH) by way of shares that track ETH’s price.
The Grayscale Privacy ETF would invest in companies working on blockchain-based privacy technology, the filing explains.
NEW TODAY: We’re proud to announce the formation of Grayscale Funds Trust, a Delaware statutory trust structure that enhances our capabilities as a global asset manager. Investors want and deserve access to future-forward investment opportunities, and Grayscale Funds Trust will… pic.twitter.com/qEeqwWHNSe
Until the registration statement relating to Grayscale Funds Trust is approved by the SEC, none of the three ETFs will be available for public purchase.
The announcement comes as Grayscale is still entangled in an ongoing conflict with the SEC over converting its $17 billion
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