David Lavalle, the global ETF chief in Grayscale Investments, will leave the cryptographic asset manager at the end of July, said Unchained, citing people familiar with the matter.
Lavalle joined Grayscale in July 2021, since the company was dealing with the dissatisfaction of investors on the broad discount of its Bitcoin Trust (GBTC). At that time, the trust had about $ 25 billion, making the company the largest cryptographic asset manager. Its price remained far behind the value of the bitcoin it had, frustrating shareholders.
Although much of the attention around the eventual conversion of GBTC to a Spot Bitcoin ETF focused on the judicial battle of the gray scale with the SEC, Lavalle was instrumental behind the scene. He worked to secure launch partners and authorized participants, reports UNChained.
Even so, the conversion has not been the growth engine that Grayscale could have expected. In the year and a half since then, the Ishares Bitcoin Trust (Ibit) of Blackrock has taken the ETF of the gray scale with more than $ 87.9 billion in assets. GBTC assets have been reduced to less than $ 22 billion, according to Sosovalue’s data.
Lavalle’s departure follows the resignation of the CEO last year, Michael Sonnenshein, who was replaced by Peter Mintzberg.
The firm confidentially presented a draft of the S-1 registration statement with the SEC earlier this month, indicating plans for an OPI.
