Grayscale ETF Head David LaValle Exits Amid IPO Plans

David LaValle, Grayscale Investments' global head of ETFs, is set to leave at the end of July. LaValle joined in July 2021 to address investor dissatisfaction over the widening discount of Grayscale's flagship Bitcoin Trust. Although he played a key role in the trust's potential conversion to a spot bitcoin ETF, the conversion hasn't been a growth engine. Grayscale confidentially submitted a draft S-1 registration statement with the SEC, indicating plans for an IPO.

David LaValle, Grayscale Investments' global head of ETFs, is set to leave the company at the end of July. LaValle joined Grayscale in July 2021 to address investor dissatisfaction over the widening discount of the firm's flagship Bitcoin Trust (GBTC). Despite his instrumental role in the trust's potential conversion to a spot bitcoin ETF, the conversion has not been a significant growth engine for Grayscale. According to SoSoValue data, BlackRock's iShares Bitcoin Trust (IBIT) has surpassed Grayscale's ETF in assets under management, with IBIT holding over $87.9 billion compared to GBTC's under $22 billion. LaValle's exit follows the resignation of CEO Michael Sonnenshein, who was replaced by Peter Mintzberg. The firm has confidentially submitted a draft S-1 registration statement with the SEC, indicating plans for an IPO [1][2].

---

References:

[1] https://www.coindesk.com/business/2025/07/23/grayscale-etf-head-david-lavalle-to-exit-as-firm-eyes-ipo-report
[2] https://finance.yahoo.com/news/grayscale-etf-head-david-lavalle-094406839.html