Digital asset management company Grayscale Investments is allegedly planning to launch its own Bitcoin ETF. Coinesk writes about this with reference to new vacancies at Grayscale.
All nine vacancies mention “ETF business”. Grayscale has never applied for such a tool in the past.
One of the vacancies is for an “ETF Creation and Redemption Specialist” who will be responsible for pricing aspects and should “understand how to create a basket of digital assets for inclusion in ETFs”. Also Grayscale intends to attract a relationship manager with market makers. Applicants must have experience with the Financial Services Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE), the Chicago Board Options Exchange (CBOE) and / or other stock exchanges.
Existing Grayscale Trusts are traded on an OTC platform. Since February, the overpayment inherent in their securities relative to cryptocurrency prices began to disappear and even take negative values, indicating a possible drop in demand in the secondary market. It is assumed that if the Bitcoin ETF is approved in the United States, the demand for Grayscale trusts will fall even more, so the company is interested in launching its own exchange-traded fund.
According to reports for March 9, Grayscale manages assets worth $ 42.1 billion, of which over $ 35 billion is concentrated in the GBTC bitcoin trust and almost $ 6 billion in the Ethereum trust ETHE.
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