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Grayscale’s ETF Chief David LaValle to Leave Ahead of Company’s IPO: Unchained
The global head of ETFs at Grayscale, David LaValle, has announced his departure from the firm by the end of this month. This move comes as the company prepares for an initial public offering (IPO) and seeks approval to launch new spot crypto ETFs.
LaValle joined Grayscale in August 2021 when the organization’s flagship Bitcoin fund held approximately $25 billion in assets, making it the world’s largest cryptocurrency asset manager at the time. He played a crucial role in the company’s efforts to convert its trust into an exchange-traded fund (ETF). This achievement laid the groundwork for the eventual approval of spot Bitcoin ETFs in the US and paved the way for other asset managers to bring their own crypto funds to Wall Street.
The departure of LaValle, however, is seen as a significant blow to Grayscale’s efforts. Under his leadership, the company has lost its position as the world’s largest cryptocurrency asset manager, with GBTC’s assets currently standing at approximately $22 billion, down from $25 billion during LaValle’s tenure.
Grayscale is reportedly gearing up for an IPO in the US and plans to list new spot crypto ETFs. The proposed ETFs are expected to track Bitcoin, Ethereum, XRP, Solana, Cardano, and other top-performing digital assets. It was also reported that the SEC approved Grayscale’s application to convert its Digital Large Cap Fund into an ETF through staff delegated authority. Nevertheless, just a day after this approval, the SEC’s commissioners decided to put the approval on hold for internal review, effectively putting the fund’s launch on temporary pause.
No additional details regarding LaValle’s departure have been disclosed.
Source: cryptobriefing.com
