According to a company vacancy post, digital asset manager Grayscale wants to beef up its workforce with a number of key hires focused on cryptocurrency exchange-traded funds (ETFs).
Grayscale Wants In on the Crypto ETF Action
Grayscale is searching for an ETF Compliance Officer, a sales director, a product development specialist, a financial reporting manager, and five other key roles listed on their career page.
It’s also looking to bring in an ETF Market Maker Relationship Manager who will develop and maintain existing relationships with Market Makers (MMs) for Grayscale’s ETF. The successful candidate will also create avenues for the expansion of its ETF products.
Grayscale, which has a reported $42.1 billion assets under management (AUM), might be mulling rolling out a bitcoin ETF, although no official filing has been made to the U.S Securities and Exchange Commission (SEC).
Grayscale offers institutional investors indirect exposure to the highly volatile assets without them ever worrying about buying, storing, and safekeeping digital currencies directly. The digital asset manager has been hugely successful and is a clear favorite of Wall Street firms.
Its digital assets trust funds (it currently offers Bitcoin and Ethereum) allow investors to hold a small portion of the top crypto-assets per share. Its investment model allows its customers to either subscribe or purchase crypto-assets on the open market.
The SEC Is A Major Roadblock To Bitcoin ETF
Even though Grayscale may be gearing up to roll out another digital product into the market, the SEC may serve as a stumbling block.
VanEck investment firm has doggedly tried time and time again to get the commission’s approval to offer a Bitcoin ETF product as a “basket” set of securities to the investing public, but the SEC has stood in the way. Other investment firms have also tried but got a negative response from the regulatory agency. A set of nine Bitcoin ETF proposals have found themselves in the SEC’s trash bin so far and counting.
The SEC has said that Bitcoin ETFs will not have enough oversight on the Bitcoin market, given that it is predominantly traded on unregulated exchanges. This will only lead to price manipulation of the highly volatile assets class.
SEC Commissioner Hester Peirce feels otherwise and believes ETFs can perform as well on virtual assets as they do on regular stocks and bonds. And to justify her view, Canada is moving ahead with its digital assets adoption program.
The US neighbor recently approved the launch of the first Bitcoin ETF in the world. Purpose Bitcoin ETF listed in the Toronto Stock Exchange, Ontario, on Feb. 19 has become a remarkable success.
The ETF made a mouth-watering $80 million in the first hour of trading. It ended the day with a $165 million trading volume. Now, the Canadian ETF holds $836 million less than a month into its launch.
This success story has spurred the Chicago Board of Exchange to file with the SEC to list VanEck’s Bitcoin ETF product’s trade shares.