David Lavalle, the global leader of ETFs at Grayscale Investments, is ready to leave Crypto Asset Manager at the end of July, reported Unchained, referring to people who are familiar with the case.
Lavalle joined Grayscale in July 2021, when the company struggled with the investor’s dissatisfaction with the extended discount on his flagship Bitcoin Trust (GBTC). At that time, it held confidence around $ 25 billion, making company the biggest Crypto Asset Manager. Its price lagged far behind the value of the bitcoin it had, frustrating shareholders.
While much of the attention of GBTC’s possible conversion to a spot Bitcoin ETF focused on Grayscales Court Fight with SEC, Lavalle was the contributing behind the scenes. He worked to secure launch partners and authorized participants, Unchained Reports.
Still, the conversion has not been the gray scale of the growth engine may have hoped for. For a year and a half ago, Blackrocks Ishares Bitcoin Trust (Ibit) has taken overtaken Grayscales ETF with over $ 87.9 billion in assets. GBTC’s assets are shrunk to less than $ 22 billion, according to Sosovalue data.
Lavalle’s exit follows last year’s resignation of CEO Michael Sonnenshein, who was replaced by Peter Mintzberg.
The company confidently submitted a draft S-1 registration statement with SEC earlier this month, indicating plans for a stock exchange listing.
