David Lavalle, the world chief of Grayscale Investments, is expected to leave the cryptographic asset manager at the end of July, Unechained, citing people familiar with the problem.
Lavalle joined Grayscale in July 2021 while the company was struggling with the dissatisfaction of investors on the expansion of the delivery of its Bitcoin Trust (GBTC). At the time, the trust held around 25 billion dollars, making the company the largest manager of cryptographic assets. His price is far from the value of the bitcoin he held, frustrating the shareholders.
While a large part of the attention around the possible conversion of GBTC into a Bitcoin ETF focused on the legal battle of Graycale with the dry, Lavalle played a decisive role behind the scenes. He worked to secure launch partners and authorized participants, UNCHANED reports.
However, conversion was not the gray scale of Growth Engine could have hoped. During the year and a half since, the Ishares Bitcoin Trust of BlackRock (IBIT) took an exceeded ETF with more than $ 87.9 billion in active ingredients. GBTC assets have reduced to less than $ 22 billion, according to Sosovalue data.
Laval’s release follows the resignation of last year’s CEO, Michael Sonnenshein, who was replaced by Peter Mintzberg.
The company submitted confidentially an S-1 registration declaration project to the SEC at the beginning of the month, indicating plans for an IPO.
