Grayscale has hired the former CEO of Alerian David LaValle to help set its ETF plans in motion.
The leading crypto asset manager is seeking to convert its Bitcoin trust into an exchange-traded fund (ETF) and has chosen LaValle as the man for the job.
LaValle, who has held key positions in huge corporations like NASDAQ and Alerian, was in charge of controlling ETF markets. He was also associated with the American Stock Exchange, with a career that had always involved ETFs from the start.
Grayscale announced plans to convert one of its main products into an ETF back in April, setting it on the same path with other big players like SkyBridge and VanEck, who have been waiting to get their filings approved by the U.S. Securities and Exchange Commission.
Grayscale’s Bitcoin trust holds over $25 billion under management. Confirming the firm’s plans CEO Michael Sonnenshein recently said:
I think in our seat, from our view of the world, we're really looking for a couple of different points of maturation in the underlying market, and that’s really the final stages of what we think regulators need to approve those types of products and give investors the protections that they’re looking for.
Judging by LaValle’s comments, Grayscale may be on the path to becoming a global ETF issuer. He remarked:
We're focused on creating a number of products to be a world-class ETF issuer. We're in a unique position. We actually have a product in the marketplace, so it puts us in a great spot.