The long-awaited good news in the cryptocurrency circle: Is the first Bitcoin ETF in the United States coming?

Recently, people in the cryptocurrency circle have noticed that Grayscale Investments, which has fueled the current bull market in Bitcoin, has opened at least nine job openings related to cryptocurrency ETFs on LinkedIn.

Industry insiders said that the U.S. Securities and Exchange Commission (SEC) is about to release the first cryptocurrency ETF, and Grayscale is also urgently forming a team and submitting an ETF application again to catch up with this wave of enthusiasm.

Grayscale's open recruitment positions on LinkedIn include 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 Directors.

Last month, Canada approved the first two Bitcoin ETFs in North America. Zac Prince, co-founder and CEO of BlockFi, said that the popularity of Bitcoin ETFs in the Canadian market has raised expectations for Bitcoin ETFs to be approved in the United States, and the recruitment information of Grayscale ETF is an interesting signal.

Todd Rosenbluth, director of ETF research at CFRA Research, said:

The race to launch the first Bitcoin ETF is heating up. The question is when, not if, the SEC will approve a Bitcoin ETF.

Currently, the Bitcoin ETF applications that are still valid and have been submitted to the SEC include those from VanEck Associates Corp and Bitwise Asset Management. The first Bitcoin ETF in the United States may be born among them.

Grayscale has applied to create an ETF in the past but was not approved, and currently has no active application submitted to the SEC for a Bitcoin or other cryptocurrency ETF. Rosenbluth said that Grayscale’s hiring means that “they plan to apply for an ETF again and expect the approval process may be quick.”

The company already has a Bitcoin trust fund that has been buying Bitcoin in large quantities, with its assets under management reaching US$35 billion. According to a report released by Bloomberg Intelligence in early March, the Bitcoin held by the Grayscale Bitcoin Trust Fund accounts for 4% of the total market value of Bitcoin.

Industry insiders call this round of Bitcoin market the "Grayscale Bull". If the company's Bitcoin ETF is approved, it may add fuel to the booming Bitcoin market.

Industry insiders say that once regulatory hurdles are overcome, the company that launches the first Bitcoin ETF (in the United States) will have a huge competitive advantage. Rosenbluth said:

The first-mover advantage in the ETF space is huge, especially when the underlying assets overlap.