Is Grayscale Planning a Bitcoin ETF?

There are indications that Grayscale, leading crypto investment firm, might be considering setting up a Bitcoin or Crypto-based Exchange Traded Fund (ETF). This is based on the recent job offerings posted on the official website of the firm where close to 10 different ETF related positions are being advertised.

Notably, the Bloqport team were the first to spot these openings and had predicted that the firm might be working towards a Bitcoin ETF.

While a major requirement for all of the roles include basic knowledge of cryptocurrency, Grayscale Investment is also requesting that candidates for the role have experience in dealing with different regulatory bodies. According to job description, the candidate should have “experience in interacting with FINRA, SEC, NYSE, NYSE, CBOE, and/or other securities exchanges, and NYDFS”

JP Morgan to Launch a Crypto Exposure Basket

Reports have also emerged that leading financial institution, JP Morgan, would also be launching a “CryptoCurrency Exposure Basket.” This exposure basket would be an investment instrument used by the bank to draw in more investments and it would have 11 US-listed companies whose operations are related to crypto.

According to the bank,

The Reference Stocks in the Basket represent the common stocks / American depositary shares of 11 U.S.-listed companies that operate businesses that we believe to be, directly or indirectly, related to cryptocurrencies or other digital assets, including as a result of bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading. The weights of the Reference Stocks were determined based in part on exposure to bitcoin, correlation to bitcoin and liquidity. The Basket may be subject to extreme price volatility and rapid and substantial decreases in price over the term of the notes.

The companies included in the basket are MicroStrategy (MSTR), Square Inc. (SQ), Riot Blockchain Inc. (RIOT), NVIDIA Corporation  (NVDA), Paypal Holdings Inc. (PYPL), Advanced Micro Devices Inc. (AMD). Others are Taiwan Semiconductor Manufacturing Company Ltd (TSM), Intercontinental Exchange Inc. (ICE), CME Group Inc. (CME), Overstock.com Inc. (OSTK) and Silver gate Capital Corporation (SI).

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