<\/p>\n
Though Grayscale Investments is busy with its push to bring a bitcoin ETF to market, the firm\u2019s latest partnership is a bid to attract investors wanting to go beyond spot crypto exposure.<\/p>\n
The crypto-focused asset manager has joined forces with index provider FTSE Russell in a bid to build indices across various crypto sectors, the company said Tuesday.\u00a0<\/p>\n
These sectors \u2014 currencies; smart contract platforms; financials; consumer and culture; and utilities and services \u2014 \u201cformalizes our specialized view of the crypto landscape,\u201d Grayscale CEO Michael Sonnenshein said in a statement.\u00a0<\/p>\n
The partnership is set \u201cto make this framework actionable in the form of indices,\u201d he noted \u2014 adding that the two firms would \u201cbring the rigor of traditional finance to crypto.\u201d<\/p>\n
Roughly $20 trillion in assets is benchmarked to FTSE Russell indices, according to the company. The index giant had joined forces with Digital Asset Research in October 2021 to introduce indices focused on bitcoin (BTC<\/a>), ether (ETH<\/a>) and cardano (ADA<\/a>).\u00a0\u00a0\u00a0<\/p>\n Grayscale is perhaps best known for its Bitcoin Trust (GBTC<\/a>) \u2014 an investment vehicle with $19.5 billion in assets under management. The US Securities and Exchange Commission denied GBTC\u2019s conversion to an ETF last year, an action the DC Circuit Court of Appeals ruled as an \u201carbitrary and capricious\u201d decision given the regulator\u2019s approval of bitcoin futures ETFs.<\/p>\n Read more: <\/strong>What Grayscale\u2019s win against the SEC actually means<\/a><\/p>\n The court formalized that Grayscale court win<\/a> on Monday. A firm spokesperson told Blockworks it intends \u201cto move as expeditiously as possible\u201d in its quest to convert GBTC to an ETF.<\/p>\n Grayscale also applied earlier this month to convert its Ethereum Trust (ETHE)<\/a> to a spot ether ETF.<\/p>\n But the alliance with FTSE Russell is designed to give investors exposure beyond crypto\u2019s two largest assets. The slate of crypto sector indices cover 150 protocols in all and will be reassessed quarterly, Grayscale said.<\/p>\n \u201cWith our shared expertise, we have created a sector defining approach to capture innovation that will enable improved decision-making in this growing asset class,\u201d FTSE Russell CEO Fiona Bassett said in a statement. \u201cThis fundamental construct offers critical insight to help investors make decisions with clarity and conviction.\u201d<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
\n