Grayscale Hires Former Alerian CEO Davi LaValle As Global Head of ETFs

Grayscale Investments has hired Davi LaValle, the former CEO of energy and infrastructure index provider Alerian, as its ETF chief.

Mr. LaValle will be the senior managing director and global head of ETFs at Grayscale Investments. He will lead efforts by Grayscale, which recognises itself as the world’s largest digital currency asset management firm, to convert its suits of products into exchange-traded funds.

In March, LaValle’s hires follow job listings posed by Grayscale, which suggested that the New York-based company was planning an ETF business. 

Before Lavelle served as the chief executive at Alerian energy infrastructure market intelligence company, he worked in several stock exchanges, helped develop best performing ETFs at the Nasdaq stock market, and chaired a division of State Street’s exchange-traded funds business as the head of the bank’s capital markets team.

ETF Applications Mushrooming

The new hire will help Grayscale Investments convert its GBTC into an ETF.

In April, the US investment company responsible for $34.5 billion in assets under management sighted the need to turn its Grayscale Bitcoin Fund into a Bitcoin Exchange-Traded Fund as soon as possible.

During that time, Grayscale confirmed its plan to re-apply with the U.S Securities and Exchange Commission (SEC) to offer an ETF after previous failed attempts to get approval.

The New York-based firm launched its Grayscale Bitcoin Trust in 2013. The investment vehicle has been the go-to option for investors who want Bitcoin exposure to their portfolios without directly purchasing the crypto asset.

Grayscale first applied for a Bitcoin ETF in 2016 but eventually withdrew its applications after determining that the regulatory environment could not authorise a Bitcoin ETF.

Last month, Grayscale revamped its ETF ambitions through a new deal with Bank of New York Mellon Corporation as its ETF services provider.

Other US firms include Fidelity Investments, Anthony Scaramucci-led SkyBridge Capital firm, WisdomTree Investments, Valkyrie Digital Assets, NYDIG asset management firm, and VanEck Associates Corp have applied. They are still waiting for approval from the US regulators to offer Bitcoin ETFs.

However, it is not known when the SEC will approve a crypto ETF in the US. But market participants believe that multiple Bitcoin ETF approvals in Canada this year may spur US regulators to approve such crypto ETFs.

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