Crypto Giant Grayscale Hires Exchange-Traded Funds Pioneer in Push for Bitcoin ETF

Crypto asset manager Grayscale is accelerating its commitment to a Bitcoin exchange-traded fund (ETF).

Today, Grayscale announced the appointment of David LaValle as senior managing director, global head of ETFs.

“Dave is a pioneering leader in the ETF space with expertise spanning critical components of the ETF ecosystem, including product development, distribution, capital markets, trading and regulation. He will accelerate Grayscale’s ability to realize our commitment to ETFs.”

Additionally, Grayscale is launching Grayscale Advisors LLC, a team of advisors that will help clients expand their investment exposure to digital currencies through Grayscale’s range of investment products. The new, regulated entity will build upon the firm’s product line-up to ensure that investors can deploy capital in a secure, transparent, and familiar way.

Before joining Grayscale, LaValle served as the CEO of Alerian, an independent index provider specializing in innovative index-based investment strategies. He has over 20 years of experience in financial services and a diverse background in the ETF landscape. He previously led Nasdaq’s Exchange Traded Product Marketplace and also served as the US Head of SPDR (Standard and Poor’s Depository Receipt) ETF Capital Markets.

Grayscale’s new hire moves the asset manager another step forward in its more than year-long journey to convert its popular Grayscale Bitcoin Trust Fund (GBTC), which currently holds $25 billion in assets under management (AUM), into a Bitcoin ETF.

In January of 2020, Grayscale’s ETF ambitions first began after registering GBTC with the Securities and Exchange Commission (SEC) as a reporting company, bringing Bitcoin exposure closer to the traditional financial markets. 

Fast forward to April of this year, Grayscale announced that it is 100% committed to converting GBTC to a Bitcoin ETF once it gains approval from the SEC. In preparation for the SEC’s approval, Grayscale then partnered with BNY Mellon to provide additional services for GBTC if and when the trust becomes an ETF.

 

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