The U.S. Securities and Exchange Commission [SEC] has at least a dozen applications for an exchange traded bitcoin fund [ETF] before. Yet none of them were approved. While the crypto industry has responded positively to SEC chairman Gary Gensler’s comment that the issue is when and not whether the BTC ETF will be approved, there is still no timetable in sight.
However, this wait was not so agonizing for some organizations. Rather, it has given them the “ability to concentrate on our well-positioned organization and to implement our strategy for building an ETF business holistically,” says Grayscales Global Head of ETFs.
Grayscale is the world’s largest digital currency wealth manager with $ 25 billion in its Grayscale Bitcoin Trust. The company recently named Dave LaValle as Global Head of ETFs, a newly created position designed to reaffirm “transparency, responsible growth and transforming its family of products into ETFs.”
With the SEC taking time to advise on the approval of BTC ETFs, Grayscale is positioning itself as an asset manager for the next generation.
“We believe offering exposure to cryptocurrencies is one aspect of this, but the way we envision marketing and supporting the products are all aspects of how we believe we will be able to to do things differently in the future. “
In fact, the manager also indicated that Grayscale will be looking at products across a range of wrappers and different asset classes. This means that Grayscale will be exploring stock-based products for its clients, with Bitcoin ETFs “not being the only one”.
LaValle has made it clear
“We certainly focus on digital assets, but that doesn’t stop us from exploring other equity-based products that give them a next-generation feel.”
Grayscale was one of the front-runners in the Bitcoin ETF race. However, the competition was tough. Even so, the listed company already adheres to financial standards and is self-regulating, which will please regulators. Craig Salm, VP of Grayscale, shared a similar opinion when he noted:
“I think our companies are doing everything they can to make these products transparent for investors.”
With Grayscale expanding its reach to include its clients, the SEC has yet to approve a BTC ETF. According to Gensler, there is currently no investor protection in crypto. However, the US regulator would be open to futures-based Bitcoin ETFs.