Grayscale Hires New Global Head of ETFs

Grayscale has appointed David LaValle, a former executive at Alerian and S-Network Global Indexes, to help the company on its way to having a BTC ETF approved in the States.

• As announced earlier on August 4th, the leading digital asset manager has enhanced its endeavors to launch a Bitcoin ETF through a new addition to the team.
• David LaValle has become the new Senior Managing Director and Global Head of ETFs, who will report directly to the company’s CEO – Michael Sonnenshein.
• Previously, LaValle served as Chief Executive Officer of Alerian and S-Network Global Indexes – an independent index provider focused on building innovative investment strategies.
• According to the statement, Grayscale’s new executive has a “diverse background that spans the entire ETF landscape.”

• “There’s been a fundamental shift in investor preferences, directly impacting wealth managers and the asset management industry. I’m delighted by the opportunity to leverage my broad experience to work with Michael [Sonnenshein] and the Grayscale team to advance this digital evolution.” – LaValle commented.

• He also confirmed the firm’s plans to develop and eventually launch an exchange-traded fund tracking the performance of Bitcoin and other digital assets in the future.
• Grayscale previously outlined its long-term strategy to convert its largest product – the Bitcoin Trust – into an ETF. So far, though, the US Securities and Exchange Commission is yet to approve such a product.
• The SEC Chairman – Gary Gensler – recently indicated that a BTC ETF will see the light of day in the US only after the watchdog is confident that it’s safe enough for all types of investors.
• While the USA continues to reject ETF applications, Canada has already approved three such products, and they have garnered billions of dollars in the past several months.