Crypto-asset management Grayscale has posted nine openings to develop its ETF business.
This indicates that the firm intends to launch exchange-traded funds for cryptocurrencies. Grayscale posted a link on its Twitter feed to the company’s job page, which states that the firm is looking for ETF specialists.
Grayscale has never previously announced its intention to launch an ETF for bitcoin or other cryptocurrencies and has not filed with the U.S.
Securities and Exchange Commission (SEC). Among other things, Grayscale is looking for an ETF creation and redemption specialist who will be responsible for managing pricing sources and has an understanding of “how to create a ‘basket’ of digital assets for inclusion in an ETF.”
Another position is for an ETF market maker manager who will be tasked with developing new relationships with market makers while maintaining existing ones for the ETF direction. Candidates for this position need “experience interacting with FINRA, SEC, NYSE, NYSE ARCA, CBOE and/or other securities exchanges, directly or in collaboration with compliance and legal staff.” Grayscale’s existing trusts are not traded on NYSE/CBOE platforms but are sold by investors on OTC markets.
Industry experts believe that the bitcoin ETF, for which the SEC has repeatedly rejected applications, may finally be launched in the U.S. this year. The first bitcoin ETF was launched in Canada in February.
Earlier, analysts at JPMorgan Bank warned that the launch of bitcoin exchange-traded funds could lead to an outflow of funds from the Grayscale GBTC trust and negatively affect the first cryptocurrency if U.S. regulators approved it.