The world’s largest digital asset management firm, Grayscale LLC, has listed job postings for ETF managers, suggesting a product offering soon.
Grayscale Bullish on BTC ETF
The U.S.-based trust company announced nine open positions pertaining to an ETF launch. It includes vacancies for a compliance officer, creation specialist, reporting, and sales manager.
The job description for an ETF Creation & Redemption Specialist lists “uninterrupted creation and redemption process for Grayscale’s ETF business” as a criterion. The team will be based in Samford, U.S.
Apparently, the end of premiums in Grayscale’s trust shares has made it imperative for the leading asset manager to explore the ETF option.
Grayscale’s Bitcoin Trust is trading at an 11% discount. The ETHE shares of the Ethereum Trust are trading at a discount of 2.75%, whereas, in December last year, premiums in ETHE were over 200%.
Thus, institutional investors are not likely to continue allocating if the discounts persist. Moreover, converting the trusts to ETF products would bring these shares at par with the net asset value (NAV) price.
Proxy Bitcoin ETFs in the U.S. are doing better business than Grayscale, while regulations tie the funds’ hands.
Nonetheless, hopes around a Bitcoin ETF have gotten stronger, with two proposals from NYDIG and VanEck awaiting approval. Grayscale is expected to join them soon.
Disclosure: The author held Bitcoin at the time of press.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article