Former Alerian head David LaValle has been hired to lead Grayscale Investments LLC’s push to convert its Bitcoin Trust into an exchange-traded fund, Bloomberg reported.
LaValle said the conversion of the Grayscale Bitcoin Trust into an ETF would “very likely” collapse the trust’s discount, as it has traded below the underlying Bitcoin holdings since March.
LaValle said Grayscale is looking at developing a number of products to be a world-class ETF issuer, as the firm will take advantage of its position with a product already in the market.
Grayscale is also boosting the team in charge of its Bitcoin ETF push, with at least ten other related roles in the open. Chief Executive Officer Michael Sonnenshein said it is “100% committed.”
If successfully converted, GBTC will become the third-largest commodity ETF, following the SPDR Gold Shares with $60 billion and the iShares Gold Trust with $29 billion. BTC is up 2.70%.