Grayscale's Future of Finance ETF jumps on gains in PayPal & Robinhood
Melpomenem

The Grayscale Future of Finance ETF (NYSEARCA:GFOF) rallied more than 5% in Wednesday's early trading, thanks to an earnings-related surge in PayPal (NASDAQ:PYPL), which is one of the fund's top holdings. The ETF is also getting a boost from Robinhood (NASDAQ:HOOD), which has rallied on its own quarterly results and the announcement of job cuts.
GFOF has jumped 5.9% as its stake in PYPL is the most concentrated position in the ETF market. Shares of the fintech bellwether soared 12.1% after issuing a well-received earnings report.
The fund has an 8.08% weighting towards the online payment platform, placing the stock as the fundâs fourth largest holding.
GFOF, which focuses on innovation names in the financial sector, has a condensed grouping of 19 stocks and an expense ratio of 0.7%.
While PYPL has helped lift GFOF, its other top three holdings, Block (SQ), Robinhood Markets (HOOD) and Coinbase Global (COIN), have also exploded into the green.
GFOF has weightings in SQ, HOOD, and COIN at 8.83%, 8.61%, and 8.45% respectively. Daily price action: SQ +6.9%, HOOD +13.1%, COIN +10.1%.
Along with the earnings news, PayPal also received a boost from a $15B shares repurchase program and an agreement to work with activist shareholder Elliott Investment Management.