Cryptocurrency asset manager Grayscale confirms ETF specialist David LaValle hired to lead the firm’s ETF division
Grayscale, the world’s largest digital asset manager, has strengthened its exchange-traded fund (ETF) team by hiring Dave LaValle as it prepares for a possible approval of its ETF conversion application. The firm announced LaValle’s appointment as Global Head of ETFs in a press release on Wednesday. Grayscale originally filed an application with the U.S. Securities and Exchange Commission (SEC) in 2016 but withdrew it shortly after; it later submitted a new filing and is still awaiting the regulator’s decision.
Questions have emerged about whether the SEC will approve crypto-focused ETFs this year amid increased scrutiny under Chair Gary Gensler. Despite regulatory uncertainty, Grayscale’s new hire signals the company remains committed to converting the Grayscale Bitcoin Trust into an ETF. The firm has devoted substantial resources and effort to achieving that objective.
Earlier in the second quarter, Grayscale reaffirmed its commitment to the conversion by appointing Bank of New York Mellon to provide asset servicing and ETF-related services for the Trust. The company also confirmed that BNY Mellon would support transfer agency services should the conversion to an ETF be approved.
LaValle, the former CEO of Dallas-based index provider Alerian, is expected to lead Grayscale’s ETF team and advance the firm’s long-sought conversion goals. He will also join discussions at the executive leadership level. Grayscale CEO Michael Sonnenshein praised LaValle’s experience and drive.
“Dave is a pioneering leader in the ETF space with expertise that spans critical components of the ETF ecosystem, including product development, distribution, capital markets, trading, and regulation. He will accelerate Grayscale’s ability to deliver on our commitment to ETFs,” Sonnenshein said.
Sonnenshein’s remarks reflect LaValle’s deep industry background: he is an ETF veteran with more than two decades of experience. LaValle previously served as Head of U.S. ETF Capital Markets at State Street and, prior to that role, led the exchange-traded product (ETP) markets at NASDAQ.
Upon his appointment, LaValle commented, “Investor preferences have undergone a fundamental shift that directly affects asset managers and the asset management industry. I am excited for the opportunity to work with Michael and the Grayscale team to advance this digital evolution.”
With LaValle on board and operational partnerships in place, Grayscale appears to be positioning itself to move quickly if regulatory conditions allow the conversion of its flagship Bitcoin Trust into a regulated ETF product. The company’s actions underscore a broader industry push to bridge traditional investment structures with digital asset exposure, while navigating evolving oversight from regulators.