Grayscale is looking for ETF specialists. The leading cryptocurrency exchange-traded fund company has published its job listings page on Twitter, which shows that it is looking for nine positions related to ETFs.
This suggests that Grayscale Investment is working on producing and possibly launching its own ETF, perhaps related to Bitcoin. However, the SEC has not yet approved the issuance of this investment instrument.
The SEC’s choice seems almost anachronistic, given that in neighbouring Canada, two Bitcoin ETFs have recently been approved and launched. After the first, which has been booming on the market, the second, the CI Galaxy Bitcoin ETF, arrived only a few days ago.
Bitcoin ETFs are a much-awaited product for investors, particularly in the United States. Their peculiarity is that they would allow investing in Bitcoin by buying it directly on the exchange, like a normal stock. What you are actually buying is a contract that allows having exposure to bitcoin, but without having to trade via crypto platforms and wallets.
At the moment, the SEC has rejected any proposal, frightened by Bitcoin’s excessive volatility, a feature that distinguishes cryptocurrencies from traditional markets where ETFs would be listed.
Grayscale and the ETF project
Grayscale seems to be serious about building a full team to handle all aspects of exchange-traded funds. All positions are based in Stamford, Connecticut.
Grayscale is looking for product development specialists, finance support managers, two sales directors and even a compliance officer. In short, a complete structure, but which will have to overcome the barriers of the SEC.
What is certain is that Grayscale is establishing itself as a leader in the crypto space with its cryptocurrency funds. Just yesterday, the company updated its AUM (assets under management) to over $40 billion. To be precise, Grayscale now manages $42 billion in cryptocurrencies, divided into 9 different Trusts. The largest of course is the Grayscale Bitcoin Trust, which is worth $35 billion.
It will now be up to the dedicated team to come up with a crypto ETF that can further strengthen Grayscale’s position in the industry, as long as the SEC allows it.