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Grayscale to list digital asset ETF on London Stock Exchange amid ‘cryptocrash’

Grayscale

Digital asset investment manager group Grayscale is set to list an exchange-traded fund (ETF) in a host of European financial markets, including the London Stock Exchange.

The ETF contains what Grayscale is calling the “future of finance”, featuring a multitude of firms involved in every aspect of digital assets, including cryptocurrency mining, digital asset managers and crypto exchanges.

“For us, the digital economy is… primarily being driven through the proliferation of digital assets,” said Grayscale CEO Michael Sonnenshein.

“We’re thrilled to be expanding our offering in Europe through the UCITS wrapper. This product draws upon our historical strengths while furthering our evolution as an asset manager that helps investors build portfolios that can stand the test of time.”

Grayscale’s digital finance index will also be listed on the Italian exchange, Borsa Italiana and Germany’s Deutsche Börse Xetra.

In February, Grayscale launched an ETF in New York. The trading price debuted at $26 but has since dropped to $14.69 – as of 13 March – according to the Grayscale website.

Among the companies listed on Grayscale’s ETF is the financial exchange service Robinhood, which facilitates the trade of both stocks and cryptocurrencies.

The firm’s digital asset ETF London listing comes at a turbulent time for the cryptocurrency market, as token prices and crypto-related stocks have experienced a significant drop in recent weeks.

Digital asset values have been dropping across the board, with the likes of Bitcoin and Ethereum dropping to pre-2021 values.

However, one of the biggest drop-offs came from the stable coin Terra Luna, which dropped from a high of $118 to $0.09.

Terraform Labs founder Do Kwon responded to the news on Twitter, saying: “I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis and we will build our way out of this.”