David LaValle, the global head of ETFs at Grayscale Investments, is set to leave the crypto asset manager at the end of July, Unchained reported, citing people familiar with the matter.

LaValle joined Grayscale in July 2021 as the firm was grappling with investor dissatisfaction over the widening discount of its flagship Bitcoin Trust (GBTC). At the time, the trust held around $25 billion, making company the largest crypto asset manager. Its price lagged far behind the value of the bitcoin it held, frustrating shareholders.

While much of the attention around GBTC’s eventual conversion to a spot bitcoin ETF focused on Grayscale’s court battle with the SEC, LaValle was instrumental behind the scenes. He worked to secure launch partners and authorized participants, Unchained reports.

Still, the conversion hasn’t been the growth engine Grayscale might have hoped for. In the year and a half since, BlackRock's ( BLK ) iShares Bitcoin Trust (IBIT) has taken overtaken Grayscale's ETF with over $87.9 billion in assets. GBTC’s assets have shrunk to under $22 billion, according to SoSoValue data.

LaValle’s exit follows last year’s resignation of CEO Michael Sonnenshein, who was replaced by Peter Mintzberg.

The firm confidentially submitted a draft S-1 registration statement with the SEC earlier this month, indicating plans for an IPO.