Grayscale Investments launched its first ETF

Asset Management giant, Grayscale Investments has launched its first exchange-traded fund and it will track the biggest names in the digital economy. The Grayscale Future of Finance ETF began trading earlier this week. It follows 22 firms that contribute to the growth of the digital economy and represent the “Future of Finance.”

It includes Silvergate Capital, PayPal, Coinbase, Block and Robinhood. The index will be rebalanced quarterly and Foreside Fund Services is the distributor of the ETF. The company has said in a statement that the ETF was built on the thesis that the digital economy will boost global commerce, drive market efficiencies and provide access to new pools of capital and will reduce the need for costly and cumbersome intermediaries.

Grayscale has $38.2 billion in assets under management and is known for its digital currency investing. The company filed for flagship conversion from Grayscale Bitcoin Trust to a spot ETF. It has not received any answers from the company and is still waiting for a response from the US Securities and Exchange Commission.