Grayscale Investments, a cryptocurrency asset manager, has been given the right to authorize three new crypto-based exchange traded funds (ETFs). It’s believed that the platform also revealed a new unit for handling its funds, as stated by Cointelegraph.
According to Cointelegraph, on May 9, 2023, Grayscale unveiled its new business segment called Grayscale Funds Trust. Along with the development, Grayscale submitted a registration statement with the United States Securities and Exchange Commission for the crypto-based ETFs. Reportedly, the new funds consist of an Ethereum Futures ETF, a Global Bitcoin Composite ETF and a Privacy ETF.
Based on Cointelegraph’s information, the Global Bitcoin Composite ETF would make investments in Bitcoin-oriented exchange-traded products, the Ethereum Futures ETF would give insights on Ether’s future price based on price tracking, and Grayscale Privacy ETF would invest in blockchain-based platforms.
Moreover, Cointelegraph noted that the SEC’s acceptance of Grayscale Funds Trust’s registration statement will be the factor to make ETFs available for public purchase. “There is a 99.9% correlation between prices in the Bitcoin futures market and the spot Bitcoin market,” Grayscale stated in its brief against the SEC.
(With insights from Cointelegraph)