2021-03-12 11:58:00

Grayscale Investments Prepares To Launch Cryptocurrency ETF In The U.S.



Grayscale Investments, the U.S. firm behind the largest Bitcoin trust, is making plans to launch a cryptocurrency exchange traded fund (ETF).

Grayscale, which calls itself a “digital-asset management firm,” has posted at least nine ETF-related job positions on LinkedIn, signaling that the firm is anticipating a green light from the U.S. Securities and Exchange Commission (SEC) for a cryptocurrency ETF.

To date, American securities regulators have not approved any cryptocurrency ETFs. Three ETFs that track the price of Bitcoin have launched in Canada in the past month, and an Ethereum ETF is currently under review by Canadian regulators.

U.S. regulators are currently considering several filings for a Bitcoin ETF, including ones from VanEck Associates Corp. and Bitwise Asset Management, although the price swings common in cryptocurrencies and allegations of manipulation have derailed similar efforts in the past.

Although Grayscale has filed to create a cryptocurrency ETF in the past, the firm doesn’t currently have an active filing with the SEC for a Bitcoin or crypto-related ETF. But the firm could roll its $35 billion U.S. Bitcoin Trust into an ETF.

The Grayscale job postings listed on LinkedIn include an ETF market maker relationship manager, ETF finance reporting manager, ETF finance support manager, ETF creation and redemption specialist, ETF authorized participant relationship manager, ETF product development specialist, a compliance officer and two sales director positions.

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