Ex-Grayscale ETF Chief David LaValle Joins CoinDesk to Revolutionize Crypto Indexes

• Bullish has appointed David LaValle as president of CoinDesk Indices and Data, effective immediately.
• LaValle previously led ETF efforts at Grayscale, including the push to convert GBTC into a spot bitcoin ETF.
• CoinDesk Indices oversees widely followed benchmarks such as the Bitcoin Price Index and CoinDesk 20 Index.

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The crypto platform Bullish, which is the parent company of CoinDesk, announced on Tuesday that they have appointed David LaValle, an experienced professional from the exchange-traded fund sector, as President of CoinDesk Indices and Data.

At Grayscale Investments, LaValle held the position of global head of ETFs for four years, which he assumed in 2021. During his tenure, he played a significant role in attempting to convert the Grayscale Bitcoin Trust (GBTC) into a traditional bitcoin ETF. This involved collaborating with authorized participants and launch partners on this endeavor.

The world’s largest Bitcoin investment product, at one point, was able to complete its conversion following a significant court decision in favor of the plaintiff (in this case) against the U.S. Securities and Exchange Commission in January 2024.

Prior to taking on his role at Grayscale, LaValle held the position of CEO at VettaFi, an international index and analytic company. His professional journey also encompasses high-ranking positions at State Street Global Advisors and Nasdaq, where he played a significant part in establishing the marketplace for exchange-traded products.

In 2014, approximately ten years ago, LaValle was at the helm of Nasdaq’s Exchange-Traded Product marketplace when the Winklevoss brothers initially endeavored to list a bitcoin trust as an exchange-traded fund (ETF).

Tom Farley, the CEO of Bullish, commented, “Dave has been a trusted friend and collaborator in business for quite some time. I’ve had the privilege of observing him guide, construct, and invent at top-tier organizations during his professional journey. In terms of his knowledge and skill in listed products and index companies, there is hardly anyone who can match him.

CoinDesk Indices stands as a top provider of benchmarks for digital assets, with over $40 billion worth of assets following their products. Notable measures that receive the most attention are:
– The CoinDesk Bitcoin Price Index (XBX), frequently utilized by exchanges and investment funds as a reference rate.
– The CoinDesk 20 Index, tracking the largest digital assets based on market capitalization and trading volume.

For a long time, CoinDesk has been recognized as a reliable source for digital asset information. I am excited to further develop this established platform, aiming to provide high-quality data and index solutions suitable for institutional use, benefiting asset managers and institutions worldwide,” LaValle stated.

In a strategic move, Bullish – having acquired CoinDesk late in 2023 and now trading publicly on the New York Stock Exchange – has recently brought on a new hire to emphasize their efforts in expanding their index and data business. This growth spurt comes at a time when institutional investors are actively seeking dependable pricing standards. With maturing crypto markets, index products become increasingly crucial as they help establish funds, derivatives, and structured products linked to digital assets.

LaValle’s background spanning conventional finance and cryptocurrency may enable CoinDesk Indices to act as a connector, potentially shaping its image as a link between these sectors. As the crypto market evolves from focusing on individual tokens to developing various token products, this expertise could prove valuable.