Grayscale Investments which is the largest Bitcoin Trust has announced that they have posted at least 9 job offerings.

The race to becoming the first cryptocurrency ETF is not far off for Grayscale as they eagerly wait for the SEC to give Grayscale the green light.

An ETF is similar to an exchange traded product/investment fund that are traded on stock exchanges. However, ETF’s are purchased and sold throughout the day, whereas regular mutual funds are traded based on the price at the end of the day.

Grayscale have posted these 9 ETF related job vacancies on LinkedIn. The director of ETF research for CFRA Research said:

The race to launch the first Bitcoin ETF is heating up

Also adding:

It’s more of a question on when the SEC will
approve a Bitcoin ETF, not if

Several other Bitcoin ETF’s are also being considered by the U.S. regulators. A couple of other Bitcoin ETF’s currently being reviewed are VanEck Associates Corp and Bitwise Asset Management. The race is on and once the first Bitcoin ETF is approved by the securities then they will have an edge over their competition.

First-mover advantage in the ETF space is tremendous, particularly when the underlying assets overlap,” Rosenbluth said. “Whichever comes out of the gate first will have a leg up.

There’s more competition in the marketplace and in markets outside the U.S., in particular Canada,” and that’s “causing folks to think an ETF approval in the U.S. might be likely,” said Zac Prince, co-founder and chief executive officer of BlockFi, which is one of the largest holders of the Grayscale Bitcoin Trust (GBTC). He added that Grayscale’s ETF job postings are “an interesting signal.

Even though the Bitcoin trust Grayscale have filed to become the first cryptocurrency in the past, the crypto firm doesn’t have have a current filing with the SEC, Grayscale could still roll their £25 billion Bitcoin Trust in to one.

Source: Grayscale

“We’re not able to provide further detail aside from the fact that we are continuously exploring new opportunities, such as an ETF, in response to customer demand,” said Michael Sonnenshein, Grayscale’s chief executive officer. “We were the first to provide exposure to a digital asset through a regulated wrapper, and our goal is to ensure that we lead the market in whatever future product we bring forward as well.”

When an ETF team is being developed, it’s normally in preparation to enter the market which is a bullish signal.

It signifies, one, that they are planning to file for an ETF and that they hope the approval process would be potentially quick and thus don’t want to miss out on hitting the ground running,

The current job vacancies are the following:

  • ETF market maker relationship manager
  • ETF finance reporting manager
  • ETF finance support manager
  • ETF creation and redemption specialist
  • ETF authorized participant relationship manager
  • ETF product development specialist
  • Compliance officer
  • 2 x Sales directors

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