What are the responsibilities and job description for the Analyst, ETF Capital Markets position at Grayscale Investments?
Grayscale is the largest digital asset-focused investment platform in the world by AUM and offers the broadest selection of digital asset investment products in the U.S. based on number of products.
Our platform spans the full spectrum of institutional-grade solutions—from single-asset exposures to diversified and thematic strategies—with a goal of providing every investor with access to the hyper-expanding digital asset universe. Our firm offers a rare combination of decades of traditional finance work experience and digital asset leadership that brings an institutional mindset to the maturing digital asset industry. This convergence of capabilities positions us to deliver investment solutions and client experiences that are both institutionally robust and technologically advanced, which we believe offers a competitive edge that is difficult to replicate.
We’re proud of our deep crypto expertise and work closely with individual and institutional investors as they explore this asset class as part of their portfolio allocation.
Position Summary:
Grayscale is seeking a driven, detail-oriented, and market-savvy Analyst, ETF Capital Markets to support trading and capital markets functions within Grayscale’s growing ETF business.
This role sits at the intersection of trading and product, supporting the day-to-day facilitation of ETF creation and redemption activity, managing relationships with Authorized Participants (APs), market makers, and crypto liquidity providers, and ensuring smooth secondary market trading. The role will work closely with Product, Trading, and Operations teams, helping to manage daily primary market trading, maintain key trading and flow analytics, and serve as a point of contact for institutional ecosystem stakeholders.
Responsibilities:
- Support daily ETF trading operations including creation/redemption orders, NAV analysis, and flow reconciliation.
- Assist in managing relationships and communications with APs, market makers, exchanges, crypto liquidity providers, and custodians.
- Monitor secondary market activity and identify dislocations, spreads, or enhancements to trading efficiency.
- Track and report ETF primary and secondary market metrics including volume, liquidity, spreads, and flows.
- Build and maintain models to analyze ETF performance, liquidity, and market making trends.
- Provide coverage during core trading hours to ensure responsiveness to trade inquiries and operational continuity.
- Partner with internal stakeholders across Operations, Product, Compliance, and Sales to resolve trade and settlement issues.
- Conduct market surveillance and summarize competitor ETF activity, pricing, and liquidity.
- Support the build-out of Grayscale’s ETF capital markets infrastructure and processes, including trade flow automation and data tracking systems.
Prior Experience/Requirements:
- Bachelor’s degree in finance, economics, or a related field.
- 1–3 years of experience within ETF capital markets, trading, or operations — ideally at an ETF market maker, Authorized Participant, or ETF issuer.
- Strong understanding of ETF mechanics, particularly primary/secondary market structure and the creation/redemption process.
- Familiarity with trading systems, order workflows, and market data platforms (Bloomberg preferred).
- Excellent Excel skills and ability to manipulate and analyze large data sets.
- Strong organizational skills, attention to detail, and ability to thrive in a fast-paced trading environment.
- Effective written and verbal communication skills
- Knowledge of cryptocurrency or blockchain technology is a plus.
