Grayscale seeks ETF specialists. The leading cryptocurrency exchange-traded fund company has posted its job listings page on Twitter, showing that it is looking for nine ETF-related positions.
This suggests that Grayscale Investment is working to produce and possibly release your own ETF, perhaps related to Bitcoin. However, the SEC has not yet approved the issuance of this investment instrument.
The SEC's election seems almost anachronistic, given that in neighboring Canada, recently approved and launched three Bitcoin ETFs. After the first, which has been in boom in the market, the second, the CI Galaxy Bitcoin ETF, and the third arrived just a couple of days ago.
Bitcoin ETFs are a highly anticipated product by investors, especially in the United States. Its peculiarity is that they would allow you to invest in Bitcoin by buying it directly on the stock market, like a normal action. What you are really buying is a contract that allows you to have exposure to bitcoin, but without having to trade through cryptocurrency platforms and wallets.
For the moment, the SEC has rejected any proposal, frightened by excessive volatility of Bitcoin, a characteristic that distinguishes cryptocurrencies from the traditional markets where ETFs would trade.
Grayscale and its ETF project
Grayscale seems to be serious about creating a complete team to handle all aspects of exchange-traded funds. All positions are based in Stamford, Connecticut.
Grayscale is looking for Product Development Specialists, Financial Support Managers, two Sales Directors, and even a Compliance Officer. Definitely, a complete structure, but that will have to overcome the barriers of the SEC.
The truth is that Grayscale is establishing itself as leader in the crypto space with your funds from cryptocurrencies. Just yesterday, the company updated its AUM (assets under management) to more than $ 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 create a crypto ETF that can further strengthen Grayscale's position in the industry, as long as the SEC allows.