Grayscale Investments Files Registration for Three New Crypto ETFs

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Mon, 02 Oct 2023, 06:56 PM
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Grayscale Investments Files Registration for Three New Crypto ETFs

Grayscale establishes Grayscale Funds Trust and files registration statement with the SEC for three new crypto ETFs, including an Ethereum Futures ETF, Global Bitcoin Composite ETF, and Privacy ETF.

Wed, 10 May 2023, 16:15 pm UTC

Cryptocurrency asset manager Grayscale Investments has submitted three new crypto-centric exchange-traded funds (ETFs) for regulatory approval and unveiled a fresh division to oversee its expanding fund portfolio.

Grayscale announced the establishment of the Grayscale Funds Trust on May 9, enabling the company to manage its array of publicly traded financial products internally. Additionally, Grayscale disclosed that it had filed a registration statement with the United States Securities and Exchange Commission (SEC) for three novel crypto-based ETFs, despite previous challenges from the regulatory body concerning crypto-related ETFs.

The newly proposed funds include an Ethereum Futures ETF, a Global Bitcoin Composite ETF, and a Privacy ETF. The Global Bitcoin Composite ETF aims to invest in exchange-traded products linked to or supported by Bitcoin (BTC), encompassing Bitcoin mining companies.

In parallel, the Ethereum Futures ETF would offer indirect exposure to Ether's (ETH) potential future value through shares that track the price of ETH. According to the filing, the Grayscale Privacy ETF intends to invest in businesses developing privacy-focused blockchain technology. The three ETFs will not be accessible for public purchase until the SEC approves the registration statement related to Grayscale Funds Trust.

This development occurs while Grayscale remains embroiled in an ongoing dispute with the SEC regarding the conversion of its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF product. Grayscale filed a lawsuit against the regulator on January 13, claiming that the SEC unfairly treated crypto spot traded exchange-traded products differently from futures products.

Although the SEC has approved several Bitcoin Futures ETFs—which provide buyers with exposure to BTC's potential future value—it has consistently rejected applications for spot Bitcoin investment products, citing concerns about investor vulnerability to fraud and market manipulation. Grayscale's persistence demonstrates its commitment to diversifying investment options for crypto enthusiasts and mainstream investors alike.

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