On May 9th, Grayscale Investments, a prominent investment management company, unveiled its latest venture – the Grayscale Funds Trust. This new arm oversees the management of the company’s publicly traded financial products. The funding project is structured as a “Delaware statutory trust,” which grants Grayscale the autonomy to manage its funds independently. This move is part of the firm’s ongoing efforts to expand its ETF franchise. As a leading player in the investment industry, Grayscale’s latest announcement is a testament to its commitment to innovation and growth.
According to Michael Sonnenshein, the CEO of Grayscale, the company’s latest endeavor is a testament to its unwavering commitment and accountability. He emphasized that Grayscale takes its responsibilities seriously and is fully dedicated to its mission.
The creation of Grayscale Funds Trust reflects our dedication to scaling Grayscale’s business responsibly. We are putting the necessary foundations in place so Grayscale can continue creating and managing regulated, future-forward products.
Grayscale Investments has made public its “Registration Statement” filed with the US Securities and Exchange Commission (SEC). The investment management firm has submitted the statement seeking approval for three exchange-traded funds focused on cryptocurrencies. These include the Ethereum Futures ETF, the Global Bitcoin Composite ETF, and a Privacy ETF. The move highlights Grayscale’s commitment to providing investors with innovative and diversified investment options in the rapidly evolving digital asset space.
The proposed Ethereum Futures ETF aims to leverage Ethereum futures contracts to extract securities, while the Global Bitcoin Composite ETF seeks to derive securities from BTC mining companies. Additionally, the Privacy ETF is designed to track the Indxx Privacy Index, which includes the company’s Zcash trust. These innovative investment vehicles offer professional investors a unique opportunity to diversify their portfolios and gain exposure to the rapidly evolving world of cryptocurrency.
David LaValle, the company’s Global Head, expressed his fervor for expanding the ETF franchise. He said, “I am thrilled to be spearheading the growth of our ETF offerings.” His passion for this initiative is palpable and contagious, inspiring the team to work towards achieving their goals.
We are proud to have launched our first products in the U.S. and Europe in 2022, and today’s filing demonstrates our continued commitment to offering investors innovative ways to access the digital economy and transformative technologies using a familiar, trusted, regulated investment vehicle: the ETF.
The ongoing dispute between Grayscale and the SEC over transforming the $17 billion Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF has yet to be resolved. Grayscale’s Legal Officer, Craig Salm, has highlighted the SEC’s apparent bias in rejecting the company’s application while approving several Bitcoin Futures ETFs. The matter remains unsettled, and both parties continue to engage in discussions to resolve it.
