Grayscale’s New Job Postings Suggest a Bitcoin ETF Application

JP Morgan to Launch a Crypto Exposure Basket. Grayscale’s job postings surrounding ETFs come less than 24 hours after JP Morgan announced it was launching a ‘CryptoCurrency Exposure Basket’.

The incoming investment instrument by JP Morgan would be composed of 11 US-listed companies that are directly or indirectly related to cryptocurrencies or other digital assets as explained below.

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 11 US-Listed companies and their weighted value in the Crypto Exposure basket can be found below.

MicroStrategy (MSTR) – 20%
Square Inc. (SQ) – 18%
Riot Blockchain Inc. (RIOT) – 15%
NVIDIA Corporation (NVDA) – 15%
Paypal Holdings Inc. (PYPL) – 10%
Advanced Micro Devices Inc. (AMD) – 5%
Taiwan Semiconductor Manufacturing Company Ltd (TSM) – 5%
Intercontinental Exchange Inc. (ICE) – 4%
CME Group Inc. (CME) – 4%
Overstock.com Inc. (OSTK) – 2%
Silvergate Capital Corporation (SI) – 2%

In brief:

  • Grayscale new job openings suggest the company is considering a Bitcoin or Crypto related ETF application
  • One of the requirements is that candidates should have experience dealing with the various US financial regulatory bodies including the SEC
  • JP Morgan plans on launching a cryptocurrency exposure basket composed of 11 companies with Bitcoin exposure

The crypto investment firm of Grayscale might be considering a Bitcoin or Crypto-based Exchange Traded Fund (ETF). This is according to the following list of job openings posted on the company website.

  • ETF Authorized Participant Relationship Manager
  • ETF Compliance Officer
  • ETF Creation and Redemption Specialist
  • ETF Finance Reporting Manager
  • ETF Finance Support Manager
  • ETF Market Maker Relationship Manager
  • ETF Product Development Specialist
  • ETF Sales Director (East)
  • ETF Sales Director (West)

The new job postings surrounding an ETF were first captured by the team at Bloqport who went on to postulate that the jobs are centered around a Bitcoin ETF as seen in the following Tweet.

Grayscale Seeks Candidates with Experience Dealing with US Financial Regulators

Besides knowledge on cryptocurrencies and blockchain technology, the ETF-related Job postings by Grayscale require that their preferred candidates should have some experience dealing with the various financial regulatory bodies as highlighted below.

Experience in interacting with FINRA, SEC, NYSE, NYSE, CBOE, and/or other securities exchanges, and NYDFS

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