Digital asset manager Grayscale Investments has just launched an exchange-traded fund (ETF) based on stocks of companies that have added Bitcoin and other cryptos to their product lineup.
The ETF, which has been dubbed "Future of Finance," will trade under the ticker GFOF on the New York Stock Exchange.
The company filed the application to launch the investment product in November 2021.
The ETF is comprised of 22 stocks, including Silvergate Capital (8.38%), PayPal Holdings (8.37%), Coinbase Global (8.24%), Block (7.85%) and Robinhood Markets (7.71%).
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The GFOF basket does not include stocks of companies such as MicroStrategy and Tesla, since these only accept Bitcoin as a means of payment or reserve asset.
62.3% of the funds under the ETF's management are invested in financial institution stocks, while the rest is invested in infrastructure solutions for digital assets.
Grayscale Investments expects the capacity of the digital asset payments market to grow to $11.3 trillion by 2026.