Grayscale expands ETF business, puts forward 3 new crypto funds

CointelegraphDipublikasikan tanggal 2023-05-10Terakhir diperbarui pada 2023-05-10

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Three new crypto-focused exchange-traded funds (ETFs) have been put forward for approval by cryptocurrency asset manager Grayscale Investments, which also announced a new entity to manage its growing funds.

Three new crypto-focused exchange-traded funds (ETFs) have been put forward for approval by cryptocurrency asset manager Grayscale Investments, which also announced a new entity to manage its growing funds.
On May 9, Grayscale said it launched a new arm of its business — the Grayscale Funds Trust — allowing it to manage many of its publicly traded financial products in-house.
In addition to the new trust, Grayscale revealed it filed a registration statement with the United States Securities and Exchange Commission (SEC) for three new crypto-focused ETFs, despite previous roadblocks from the regulator over crypto-related ETFs.
The new funds comprise an Ethereum Futures ETF, a Global Bitcoin Composite ETF along with a Privacy ETF.
The Global Bitcoin Composite ETF would invest in exchange-traded products that are related to or backed by Bitcoin (BTC), including Bitcoin mining firms.
Similarly, the Ethereum futures ETF would allow an indirect exposure to the potential future value of Ether (ETH) by way of shares that track ETH’s price.
The Grayscale Privacy ETF would invest in companies working on blockchain-based privacy technology, the filing explains.
NEW TODAY: We’re proud to announce the formation of Grayscale Funds Trust, a Delaware statutory trust structure that enhances our capabilities as a global asset manager.
Investors want and deserve access to future-forward investment opportunities, and Grayscale Funds Trust will… pic.twitter.com/qEeqwWHNSe
— Grayscale (@Grayscale) May 9, 2023
Until the registration statement relating to Grayscale Funds Trust is approved by the SEC, none of the three ETFs will be available for public purchase.
The announcement comes as Grayscale is still entangled in an ongoing conflict with the SEC over converting its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF product.
On Jan. 13 Grayscale sued the regulator for denying its application, arguing the SEC acted indiscriminately in treating crypto spot traded exchange-traded products differently from futures products.
1/ As part of our suit challenging the SEC's decision to deny $GBTC conversion to a spot #bitcoin #ETF, @Grayscale just filed our Reply Brief with the DC Circuit Court of Appeals. Here’s what you need to know:
— Craig Salm (@CraigSalm) January 13, 2023
“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.
While the SEC has approved a number of Bitcoin Futures ETFs — which expose buyers to the potential future value of BTC — it has so far rejected every application for a spot Bitcoin investment product, citing concerns about exposing investors to potential fraud and market manipulation.

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Perusahaan Grayscale Puji Altcoin yang Nilainya Meningkat 19 Kali Lipat dalam Setahun Terakhir!

Analis Grayscale Research menyatakan bahwa valuasi saat ini dari aset kripto berfokus privasi, Zcash (ZEC), belum sepenuhnya mencerminkan potensinya. Proyek ini dinilai memiliki karakteristik yang dalam jangka panjang dapat menantang dominasi pasar Bitcoin (BTC). Grayscale menggarisbawahi bahwa Zcash, selain mirip dengan Bitcoin, menawarkan kemampuan privasi keuangan yang lebih kuat melalui teknologi yang memungkinkan transaksi dilakukan secara rahasia. Dalam laporannya, perusahaan menyoroti bahwa privasi finansial bisa menjadi fitur semakin krusial seiring meluasnya pengawasan dan analisis data oleh kecerdasan buatan. Keunggulan Zcash lainnya, menurut laporan, adalah upaya adaptasi terhadap kemajuan teknologi, termasuk mengatasi risiko keamanan siber dari komputer kuantum di masa depan, serta penguatan konektivitas dengan berbagai jaringan blockchain melalui teknologi "intent". Fitur-fitur seperti privasi, adaptasi teknologi, dan interoperabilitas ini dianggap sebagai elemen kunci bagi Zcash untuk bersaing dengan efek jaringan Bitcoin yang kuat. Meskipun harga ZEC telah melonjak sekitar 19 kali dalam setahun terakhir, kapitalisasi pasarnya masih di bawah 1% dari kapitalisasi pasar Bitcoin. Grayscale melihat kesenjangan besar ini sebagai indikasi masih adanya potensi kompetisi yang signifikan di sektor ini. Zcash berpeluang meningkatkan pangsa pasarnya jika dapat memperluas keunggulan teknologi dan aplikasinya. Namun, Grayscale juga menekankan bahwa investasi dalam Zcash memiliki risiko tinggi. Perusahaan memperingatkan bahwa bahkan jika Zcash berhasil merebut pangsa pasar dari Bitcoin, pertumbuhan harga ZEC tidak akan berjalan terus-menerus atau linear. *Ini bukan rekomendasi investasi.

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