Grayscale to List a Crypto ETF in Europe (Report)

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. It will go live on May 17 as it is the first time the American digital asset manager has launched a fund in Europe.

“For us, the digital economy is… primarily being driven through the proliferation of digital assets.” – Sonnenshein commented.

Grayscale is among the companies seeking to launch a spot Bitcoin ETF 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 75-day reviewing period (already passed), the regulator has not greenlighted it yet.

Rejecting the Bitcoin ETF Might Lead to a Lawsuit

Grayscale seems quite determined to introduce an exchange-traded fund tracking the performance of bitcoin in the US. Nearly a month ago, CEO Sonnenshein said the company is willing to do what it takes to complete that goal. Asked whether Grayscale could pursue legal action against the SEC, he said:

“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 urged all participants involved in the process to communicate their views with each other and establish an agreement satisfying both parties.