Grayscale establishes funds trust, files for three new crypto funds


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Those funds involve Bitcoin ETPs, Ethereum futures, and to a lesser extent, Zcash.

Cover art/illustration via CryptoSlate

Grayscale Investments announced on May 9 that it has formed a new entity called Grayscale Funds Trust and filed for three new crypto investment funds.

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Grayscale proposes three new ETFs

The Grayscale Funds Trust will act as a Delaware statutory trust structure that allows the firm to manage its older products while also pursuing exchange-traded funds (ETFs).

In addition to creating that new trust, Grayscale has filed registration statements for three new ETFs that are directly or indirectly related to cryptocurrency.

The first is the Grayscale Ethereum Futures ETF, which will derive value from exposure to Ethereum futures contracts. The second is the Grayscale Privacy ETF; this fund will track the Indxx Privacy Index, which itself includes Grayscale’s Zcash Trust.

The third fund is the Grayscale Global Bitcoin Composite ETF, which will make use of exchange-traded products and investment vehicles as well as securities from Bitcoin mining companies. The fund will not invest in digital assets directly, the filing says.

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Grayscale emphasized that though it has filed regulatory applications, the above funds are not yet effective and cannot be bought or sold before they become effective.

Grayscale continues to pursue spot ETF

Grayscale is one of the most notable investment firms offering crypto investment vehicles for institutions. The company’s Grayscale Bitcoin Trust (GBTC) has a market cap of $10.84 billion, and the firm also offers numerous other cryptocurrency trusts.

However, GBTC redemptions were halted in 2014 following conflicts with the U.S. Securities and Exchange Commission (SEC). GBTC has recently traded at a discount.

Grayscale has also had difficulty obtaining permission from the SEC that would allow it to convert GBTC into a spot ETF. Grayscale has gone to court over the matter but has not succeeded in launching a crypto spot ETF despite its efforts.

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No other firm has successfully launched a Bitcoin spot ETF to date.

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Author: Mike Dalton

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