Grayscale's recruitment action has attracted attention from the cryptocurrency circle: Is the first Bitcoin ETF in the United States coming soon?

Cailian Press (Shanghai editor Liu Rui) reported:

As Bitcoin once again challenges its all-time high, an unexpected positive news emerges in the cryptocurrency circle: the first Bitcoin ETF in the United States may be coming.

Recently, Grayscale Investments, which has driven this round of Bitcoin bull market, has posted at least nine ETF-related positions on LinkedIn, indicating that it has expected the U.S. Securities and Exchange Commission (SEC) to give the green light to cryptocurrency ETFs in the near future.

While Grayscale is releasing positive signals, Bitcoin is challenging its all-time high. According to Bitfinex's quote, as of press time, Bitcoin has risen to $56,757, having earlier broken through $57,000, and is only one step away from its all-time high of $582.66 million.

Grayscale Investments' recruitment action sends a signal

Currently, Grayscale has posted positions on LinkedIn including ETF Market Maker Relationship Manager, ETF Financial Reporting Manager, ETF Financial Support Manager, ETF Creation and Redemption Specialist, ETF Authorized Participant Relationship Manager, ETF Product Development Specialist, Compliance Officer and two Sales Director positions.

Todd Rosenbluth, director of ETF research at the Center for Financial Research and Analysis (CFRA), said: "The race to launch the first bitcoin ETF is heating up... and the main question now is not whether the SEC will approve a bitcoin ETF, but more when the SEC will approve a bitcoin ETF."

Although Grayscale has applied to create an ETF in the past, the company has not yet actively filed documents with the SEC for a Bitcoin or crypto-related ETF. But the company could put its $35 billion Bitcoin Trust, the world's largest Bitcoin fund, into an ETF.

Rosenbluth said that typically when a company builds an ETF team, it is done over a long period of time as it prepares to enter the market.

“This hiring move means they are planning to apply for a bitcoin ETF, and they probably expect the approval process to be quick, so they don’t want to miss the opportunity to launch the ETF,” he said.

Grayscale Investments CEO Michael Sonnenshein did not disclose further details to the media, only saying: "We will continue to explore new opportunities (such as ETFs) to meet customer needs."

The Bitcoin ETF Race Is Heating Up

U.S. regulators are currently considering several applications for Bitcoin ETFs, including those from VanEck Associates Corp. and Bitwise Asset Management. Industry insiders say that once regulatory hurdles are overcome, the first company to launch a Bitcoin ETF will undoubtedly stand out in the competition in the Bitcoin market.

“The first-mover advantage in the ETF space is huge, especially when the underlying assets overlap, and whoever gets out first will have the upper hand,” Rosenbluth said.

This first-mover advantage is vividly demonstrated between the two Bitcoin ETFs that have just been listed in Canada. Last month, the first two North American Bitcoin ETFs began trading in Canada. Among them, BTCC was launched only one day earlier than EBIT, and its trading volume far exceeded the latter.

Zac Prince, co-founder and CEO of BlockFi, one of the largest shareholders of Grayscale Bitcoin Trust (GBTC), said: "Canada's approval of the first Bitcoin ETFs in North America has led the market to believe that Bitcoin ETFs may also be approved in the United States." He added that the ETF recruitment information released by Grayscale is "an interesting signal."