The ETF business of a soon-to-IPO, 12-year-old, $43-billion-AUM, boutique asset manager may be under new leadership by the end of the month.

David Vincent "Dave" LaValle Grayscale Investments, LLC Global Head of ETFs

Dave LaValle, global head of ETFs at Grayscale Investments [profile], is leaving the Stamford, Connecticut-based firm at the end of July, reports Unchained's Steven Ehrlich in the publication's Bits + Bips newsletter, citing an unnamed source. Other publications picked up on the impending departure, too.

LaValle himself and a Grayscale spokesperson reportedly did not respond to Unchained's requests for comment.

The news of New York City-based LaValle's imminent exit comes about a week after the not-so-confidential, detail-light revelation that the Grayscale folks have a filed a draft S-1 and are thus preparing to IPO. The news also comes less than a year after a new CEO, Peter Mintzberg, took over Grayscale.

LaValle joined Grayscale in the summer of 2021, reporting directly to Mintzberg's predecessor. In 2022, LaValle and the Grayscale team debuted their first ETF. A 2023 Grayscale court victory cleared the way for Grayscale to convert its spot bitcoin and spot ether ETPs in 2024 as other firms launched similar funds. Grayscale has since suffered significant outflows as some investors shifted into lower cost spot crypocurrency ETPs offered by competitors, yet the massive recent rise in bitcoin has helped to mitigate the hit to Grayscale's AUM. (Grayscale's flagship GBTC still has about $21.6 billion in AUM*.)

Before coming to Grayscale four years ago, LaValla led index provider VettaFi as CEO. Earlier, he held ETP leadership roles with SSGA and the Nasdaq. He also worked with the NYSE, the Amex, Kellogg Group, LaBranche & Co., and Goin & Co. He is an alumnus of Georgetown University.

*As of yesterday, i.e. July 23, 2025. 

Edited by: Neil Anderson, Managing Editor


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