Grayscale Hires ETF Expert, to Lead Bitcoin ETF Team Globally
Leading crypto assets manager, Grayscale continues plans to transform its Bitcoin Fund to a Bitcoin exchange-traded fund. In view of this, Grayscale has recruited David LaValle, formerly a CEO of Independent Index Provider, Alerian. LaValle will lead Grayscale’s Bitcoin exchange-traded fund team.
Grayscale labelled David LaValle as someone with a “diverse background that spans the entire ETF landscape.” The crypto assets manager has stated its dedication repeatedly to a Bitcoin exchange-traded fund, however, that alone will not suffice to grant its desire. Grayscale boasts of the largest Bitcoin Fund in the world, estimated to be $25 billion.
US SEC Stalls on Bitcoin ETF, Rejects Numerous Requests
The only impediment to Grayscale’s Bitcoin exchange-traded fund and others is the US Securities and Exchange Commission, which seems not to be forthcoming on approving any of the numerous requests submitted to it. As of July, the US SEC had 13 pending Bitcoin exchange-traded fund requests before it. Two additional requests were submitted before it in August.
Grayscale has been making active efforts to register a Bitcoin exchange-traded fund. In July, Grayscale brought an asset servicing firm on board- Bank of New York Mellon. The partnership, according to the former, was a fraction of its active efforts for its Bitcoin exchange-traded fund objective. Grayscale also revealed plans to ramp up its Bitcoin exchange-traded fund team by adding 10 other experienced hands as this will ensure that its Bitcoin exchange-traded fund is a success just as its Bitcoin Fund is.
Grayscale Adds ADA to Multicap Fund, Opens DeFi Fund
The firm’s Bitcoin Fund is the world’s largest crypto fund, and reportedly holds about 650,000 BTC. Grayscale has other crypto funds, including its multicap large fund, which has Bitcoin, Ethereum and Cardano’s ADA topping the list chronologically. Its DeFi fund was launched in July with plans to invest in a wide range of buzzing DeFi tokens like SNX, Aave. Chicago-based asset manager, Rothschild Investment, joined Grayscale Ethereum Fund recently, buying about 14,000 shares then.
Despite the strong resolve of Grayscale on a Bitcoin exchange-traded fund, it might have to shelve immediate plans until the US SEC assesses and clears off the ETF requests on its table. It is on this basis that Osprey Funds CEO, Greg King said an approved Bitcoin exchange-traded fund in 2021 was unlikely, and declared that next year held more prospects for an ETF approval, given that the US SEC has pressing issues to address- one of which is crypto regulations. For the US SEC, the volatility of crypto assets is a major turn-off.
Meanwhile, US SEC Commissioner Hester Peirce does not seem to be happy that a crypto ETF is not yet in the picture, when North America and South America already have Bitcoin exchange-traded funds listed and trading on their stock exchanges. She noted the US was not catching up with emerging technologies.
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