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Grayscale launches ETF in Europe to track ‘future of finance’ stocks like Coinbase, Robinhood

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Grayscale launches ETF in Europe to track ‘future of finance’ stocks like Coinbase, Robinhood

Grayscale is launching its first European ETF, the Grayscale Way forward for Finance UCITS, which is able to listing on the London Inventory Change, Borsa Italiana, and Deutsche Börse Xetra.

The fund shall be based mostly on the Bloomberg Grayscale Way forward for Finance Index which tracks corporations that symbolize the “way forward for finance”.

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These embody shares resembling Silvergate Capital, PayPal, Coinbase and Robinhood — and different corporations that use digital belongings, tech corporations that allow digital knowledge transactions, and digital asset infrastructure corporations, resembling these in crypto mining and vitality administration.

“With rising international demand from each institutional and particular person buyers for Grayscale merchandise, we’re thrilled to be increasing our providing in Europe via the UCITS wrapper,” Michael Sonnenshein, chief govt at Grayscale, mentioned in an announcement.

Grayscale is the world’s largest digital forex asset supervisor. Based mostly in Stamford, Connecticut, the agency has near $40bn in belongings below administration throughout 18 funding merchandise. Sonnenshein has advised Monetary Information that the agency was looking for to get its US-based merchandise authorized by the Securities and Change Fee to change into full-fledged ETFs.

“This product attracts upon our historic strengths, whereas furthering our evolution as an asset supervisor that helps buyers construct portfolios that may stand the take a look at of time,” Sonnenshein mentioned.

READ SEC chair Gary Gensler says crypto belongings are securities and thus ‘core to our remit’

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David LaValle, international head of ETFs at Grayscale, added that the agency believes that the digital financial system shall be a significant driver for the event and development of the worldwide financial system.

“By means of [Grayscale Future of Finance], European buyers now have the chance to obtain publicity to the businesses which are pivotal to the evolution of the worldwide monetary system,” LaValle mentioned.

Nearly all of belongings below Grayscale’s administration are inside its bitcoin and ether trusts.

Each cryptocurrencies have misplaced 25% or extra of their worth up to now 30 days as a crash in stablecoin Terra and crypto coin Luna roil the asset class.

To contact the creator of this story with suggestions or information, e-mail Jeremy Chan

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GOP Rep. Andy Ogles faces reelection amid FBI campaign finance probe

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GOP Rep. Andy Ogles faces reelection amid FBI campaign finance probe

Andy Ogles, a freshman Republican from Tennessee, is hoping to retain his seat in the U.S. House of Representatives amid an FBI investigation into alleged discrepancies in his 2022 campaign finances.

As the first-term congressman seeks reelection, he will face a strong challenge from Democrat Maryam Abolfazli, a progressive advocate from Nashville, in a district that has become increasingly competitive following recent redistricting.

Ogles, a member of the conservative House Freedom Caucus, confirmed in August that federal agents had seized his cellphone as part of an ongoing investigation into his campaign’s financial filings.

The inquiry stems from reported inconsistencies in Ogles’ 2022 records, including a $320,000 loan he initially reported making to his campaign.

Newsweek has contacted Ogles’ office for comment via email.

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U.S. Rep. Andy Ogles speaks to supporters after being declared the winner in his Republican primary race, Aug. 1, 2024, in Franklin, Tennessee. He is hoping to fend off Democratic opponent Maryam Abolfazli in Tennessee…


Mark Humphrey/AP, file

What is Andy Ogles Accused Of?

Ogles later amended his filings, lowering the figure to $20,000, and explained that the larger amount had been a pledge, not an actual loan, which he claimed was mistakenly included in the reports.

In addition to the phone seizure, FBI agents obtained a warrant to access Ogles’ personal email account.

However, according to court documents, investigators have yet to review the contents of the account.

Ogles has publicly stated that he is fully cooperating with the investigation and believes the discrepancies were the result of honest errors.

Why is Nashville Left-Leaning?

The scrutiny follows an ethics complaint filed in January 2023 by the Campaign Legal Center, which raised concerns about potential violations related to his personal and campaign finances.

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Democratic congressional candidate Maryam Abolfazli
Democratic congressional candidate Maryam Abolfazli greets voters on primary election day, Aug. 1, 2024, at the Christ Church Nashville polling place in Nashville, Tennessee. Abolfazli is from Nashville and started Rise and Shine TN, a…


Jonathan Matisse/AP, file

The nonprofit, which advocates for transparency in political funding, compared Ogles’ situation to that of embattled New York Rep. George Santos, who has faced numerous investigations into his own campaign finances.

Ogles represents Tennessee’s 5th District, a Republican-leaning area that includes a portion of the liberal-leaning city of Nashville and stretches through five more conservative counties.

Although the district remains solidly Republican, the influence of Nashville’s progressive voters, combined with shifting national political dynamics, has created a potentially more competitive race than in the past.

In the 2022 election, Ogles won the seat by more than 13 percentage points, a result bolstered by the Republican-led redrawing of the state’s congressional districts after the 2020 census.

Lawmakers split Nashville into three separate districts, forcing longtime Democratic Rep. Jim Cooper into retirement and shifting the state’s congressional delegation to an overwhelming GOP majority.

Ogles’ district now includes part of the newly drawn 5th District, which spans from the Democratic stronghold of Nashville through more conservative rural counties. The redistricting was seen as a strategic move by Republicans to strengthen their hold on the state’s congressional seats.

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Ogles faces a tough challenge from Maryam Abolfazli, a Nashville-based nonprofit leader and activist.

Who is Maryam Abolfazli?

Abolfazli, the founder of Rise and Shine TN, has been a vocal advocate for stronger gun control in the wake of the tragic shooting at the Covenant School in Nashville in March 2023, which left six people dead, including three children.

Since entering Congress, Ogles has become known for his vocal opposition to the Biden administration and his alignment with the most conservative factions of the Republican Party.

Beyond his financial controversies, Ogles has faced criticism for past statements about his educational background.

After a news outlet questioned his claim of holding an international relations degree, Ogles admitted to overstating his credentials, saying he was “mistaken” about his academic history.

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Ogles, a former mayor of Maury County and state director for the conservative group Americans for Prosperity, remains a staunch defender of conservative policies.

He has filed multiple articles of impeachment against President Joe Biden and Vice President Kamala Harris, citing their administration’s policies on border security, the economy, and other issues.

Following Biden’s announcement that he would not seek reelection in 2024, Ogles introduced new articles of impeachment targeting Harris.

As the race in Tennessee’s 5th District heats up, Ogles’ ability to navigate the FBI investigation, manage his financial controversies, and hold onto his conservative base will be key to his chances of securing a second term.

This article contains additional reporting from The Associated Press

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Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election Day

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Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election Day

NEW YORK (AP) — Shares were mixed in Asia early Tuesday after U.S. stock indexes drifted lower a day ahead of the U.S. presidential election.

This week will bring various potential flashpoints, among them Election Day in the United States. But the results may not be known for some time as officials count all the votes, and that could bring sharp swings since markets hate uncertainty.

U.S. futures were virtually unchanged early Tuesday.

Adding to the potential for volatility, the Federal Reserve will also be meeting on interest rates later this week. The widespread expectation is for it to cut its main interest rate for a second straight time.

Investors also hope the Chinese government may announce stimulus for the world’s second-largest economy.

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Japan’s Nikkei 225 index gained 1.3% to 38,552.67, reopening after a holiday on Monday.

South Korea’s Kospi fell 0.7% to 2,569.75, while the S&P/ASX 200 in Australia dropped 0.6% to 8,117.30.

The Standing Committee of China’s National People’s Congress is meeting this week, and analysts say the government may endorse major spending initiatives to boost economic growth amid troubles for the country’s real-estate industry.

The official Xinhua News Agency reported that the lawmakers had reviewed legislation to raise ceilings on local government debt to replace existing hidden debts, part of a process to arrange debt swaps to help resolve the financial woes brought on by the pandemic and by a collapse in the property market in recent years.

Hong Kong’s Hang Seng was up 0.1% at 20,597.30 and the Shanghai Composite index picked up 0.4% to 3,323.26.

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On Monday, the S&P 500 slipped 0.3% to 5,712.69, remaining near its record set last month. The Dow Jones Industrial Average fell 0.6% to 41,794.60, while the Nasdaq composite slipped 0.3% to 18,179.98.

Intel fell 2.9%, and chemical producer Dow sank 2.1% in their first trading since getting notified they’ll no longer be included in the Dow Jones Industrial Average. Warren Buffett’s Berkshire Hathaway dropped 2.2% and was one of the heaviest weights on the market after reporting a drop in operating profit for the latest quarter.

But the majority of stocks within the S&P 500 rose, including a 2.8% gain for Fox after it reported a stronger profit than expected.

The hope that’s propelled U.S. stock indexes to records recently is that the U.S. economy can remain resilient and avoid a long-feared recession, in part because of the coming cuts to rates expected from the Fed.

The broad U.S. stock market has historically risen regardless of which party wins the White House. And in 2020, U.S. stocks climbed immediately after Election Day and kept going even after former President Donald Trump refused to concede and challenged the results, creating plenty of uncertainty. A large part of that rally was due to excitement about the potential for a vaccine for COVID-19, which had just shut down the global economy.

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University of Phoenix and Goalsetter Launch Financial Wellness Webinar Series

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University of Phoenix and Goalsetter Launch Financial Wellness Webinar Series

Virtual, free series features Goalsetter’s award-winning curriculum along with guest speakers to support financial wellness

PHOENIX, November 04, 2024–(BUSINESS WIRE)–University of Phoenix is pleased to announce a new webinar series with Goalsetter, an award-winning financial education platform dedicated to helping individuals and families achieve financial wellness through engaging and practical resources. The ten-part series will launch with a discussion on “Managing Credit Card Debt and Fostering Good Credit Habits,” on Tuesday, November 19, at 12 p.m. MST. Featuring Tanya Van Court, Founder and CEO of Goalsetter, Kevin Soehner, Senior VP of Operations for iGrad®, and moderated by Chris Conway, Director of Financial Literacy at University of Phoenix, the discussion will focus on building good credit habits, understanding interest rates, and how credit can impact personal finance decisions. Throughout the series, participants will gain valuable insights and practical strategies to manage their finances and plan for a secure financial future, as well as have the opportunity to engage in a Q&A session during each webinar.

“At University of Phoenix, we are committed to equipping our students with the knowledge and tools necessary for financial success,” shares Director of Financial Literacy at the University, Chris Conway. “Our collaboration with Goalsetter aligns with our mission to empower students not only in their academic and career pursuits but also in their financial lives by helping them save time and money. This webinar series is designed to provide practical strategies and insights that can help learners make informed financial decisions.”

Each month during the series, University of Phoenix and Goalsetter will offer webinars focused on key strategies for financial wellness:

  • November: Managing Credit Card Debt and Fostering Good Credit Habits

  • December: Paying for School and Scholarships

  • January: The Art and Science of Effective Budgeting

  • February: Stop Overspending: 5 Tips

  • March: Yes! You Can Save Money: Little Actions that Add Up

  • April: Emergency Funds are Critical; How to Create Them, Even If You Think You Canʼt

  • May: Why Credit Scores are Important and How to Improve Them

  • June: How to Plan for Your Eventual Retirement

  • July: Investing in Your Families’ Future

  • August: How to Set Your Kids Up for Future Financial Success

“Our mission is to empower every individual with the financial knowledge they need to secure a strong financial future,” says Van Court. “By working with the University of Phoenix, we are bringing our award-winning financial education tools to a larger audience, helping individuals and families gain the practical skills to make informed financial choices. Together, we aim to create a pathway toward financial freedom that’s accessible, engaging, and transformative.”

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