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Grayscale, Firm Behind Leading Bitcoin Trust, Is Hiring ETF Specialists
Nine new job postings indicate Grayscale is considering joining the race to win the SEC’s first bitcoin ETF approval.
Updated Mar 9, 2024, 2:05 a.m. Published Mar 10, 2021, 12:53 a.m.
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Digital asset management firm Grayscale might be on the cusp of trying to launch a bitcoin exchange-traded fund (ETF), according to new job postings.
The nine postings strongly suggest the New York-based firm is planning an ETF business. The listings are undated but the firm tweeted a link to its jobs board Tuesday evening. Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent company.
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A bitcoin ETF is a retail-accessible trading vehicle that can give both individuals and institutions exposure to the bitcoin market without having to hold bitcoin itself. The industry has long clamored for an ETF, with various firms filing applications to the U.S. Securities and Exchange Commission (SEC) as far back as 2013. Grayscale has previously not applied for an ETF.
The job postings all refer to Grayscale’s “ETF business,” though the firm does not currently offer any exchange-traded products. It does offer a number of cryptocurrency trusts, bitcoin being chief among them, that trade at a premium to the spot price.
Notably, it would appear that these potential ETFs would not be limited to bitcoin vehicles.
New business line?
One of the postings is for an ETF Creation & Redemption Specialist, who would be responsible for managing pricing sources and understanding “how to create a ‘basket’ of digital assets for inclusion in an ETF.”
Another posting calls for an ETF Market Maker Relationship Manager, who would be tasked with developing new relationships with market makers while maintaining existing ones for the ETF business.
Candidates for this position would need to have, “Experience in interacting with FINRA, SEC, NYSE, NYSE ARCA, CBOE, and/or other securities exchanges, either directly or in collaboration with Compliance and Legal staff,” the job posting said.
Grayscale’s existing trusts do not trade on the NYSE/CBOE platforms but are traded by retail investors in over-the-counter (OTC) markets.
New reality
The job openings come weeks after the Grayscale Bitcoin Trust and Ethereum Trust both began trading at discounts to the spot price of bitcoin, reversing years of trading at a premium.
Canada is poised to deliver its third bitcoin ETF this week, but the U.S. Securities and Exchange Commission (SEC) has yet to approve one.
Industry experts believe that a bitcoin ETF, which the SEC has repeatedly rejected, might finally see the light of day in the U.S. this year, noting both the Canadian approvals as well as new leadership at the securities regulator.
A Grayscale spokesperson did not immediately return a request for comment.
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