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- 1 Grayscale increased the Bitcoin ETF as the potential ruling in the SEC lawsuit is quite near.
- 2 Last June, the company sued the SEC after its bid to convert its Bitcoin Trust into an ETF was refused.
Grayscale Investments, an investment management company, has shared a hiring post on its official X (previously known as Twitter) account. On August 17, 2023, Thursday, the company added that its ETF team is expanding. Its expansion is a widely predicted decision in its lawsuit against the Securities and Exchange Commission (SEC) that could soon be reached.
Hiring X-post by Grayscale
Grayscale mentioned in its post that “Our ETF team is hiring,” with a set of eyes emoji. They have posted two positions, one was for the product specialist and the other was senior associate to assist its Exchange-traded fund (ETF) team. Along with their LinkedIn posts which have been posted within the past week, the company’s combined positions have garnered over 50 applications.
According to Grayscale’s profile description for a senior associate, the applicant would “contribute to investment product development ideas and work with the ETF team towards their realization.”
On the other hand, the product specialist would “work closely with the sales, operations, marketing, and product teams to optimize the investor experience,” with a particular focus on ETFs.
Grayscale and SEC Happenings
The investment management company took America’s financial watchdog to court last June. It has followed the SEC’s denial to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
Earlier this week, James Seyffart, a Bloomberg analyst shared that a decision in Grayscale’s lawsuit could come as soon as this week. However, as of now, there is no official statement released by Grayscale.
It must be noted that GBTC, an investment vehicle, allows investors to gain exposure to Bitcoin (BTC) without holding the asset directly. Moreover, “in contrast to a spot Bitcoin ETF, which would make it cheap and easy for institutions to buy and sell Bitcoin, GBTC does not have a redemption mechanism that impacts its ability to track BTC’s price and charges higher fees.”
On the other hand, John Reed, who formerly headed the SEC’s Office of Internet Enforcement, has shared his thoughts. He said that the chances are slim if the agency approves a spot Bitcoin ETF listing, the decision in the company’s lawsuit could leave the SEC with no choice.
Whereas the SEC has noted market manipulation concerns in every denial letter delivered to spot Bitcoin ETF hopefuls since 2013. In case the investment management company wins its lawsuit, it could force the agency to change its tune if a court rules the agency’s grounds for denial are insufficient.
Last but not least, in the previous week, the SEC delayed its response to ARK’s spot Bitcoin ETF application, saying it needs more time.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
