Claim $500Breaking: Grayscale Appoints Ex-Invesco Leader for Bitcoin ETF Push
Grayscale Investments has announced the appointment of John Hoffman, previously of Invesco, as its new Managing Director and Head of Distribution and Partnerships. This move comes at a crucial time for Grayscale, as the firm intensifies its efforts to launch a spot Bitcoin exchange-traded fund (ETF). With his extensive experience in the ETF space, Hoffman is expected to play a vital role in this initiative.
Hoffman’s Role and Experience
Having led Invesco’s Americas ETF team, John Hoffman brings a wealth of knowledge and experience to Grayscale. His tenure at Invesco, from 2020 to 2023, was marked by significant contributions to the ETF and Indexed Strategies sectors. At Grayscale, Hoffman will oversee distribution and forming strategic partnerships, vital components in the firm’s pursuit of introducing a spot Bitcoin ETF in the United States.
Grayscale’s initiative to launch a spot Bitcoin ETF is part of a broader industry trend. Several asset managers, including BlackRock, Bitwise, VanEck, WisdomTree, and Fidelity, have been vying for approval from the U.S. Securities and Exchange Commission (SEC) for their respective spot Bitcoin ETF filings. Grayscale’s move to hire Hoffman signifies its commitment to advancing its position in this competitive race.
Grayscale’s Continued Dialogue with the SEC
Grayscale Investments has been actively engaged in discussions with the SEC following its recent amendment to the Bitcoin ETF bid. The firm aims to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF. The outcome remains uncertain despite a favorable court ruling that mandated the SEC to review its applications.
CEO Michael Sonnenshein has noted that the SEC still needs to provide a definitive timeline for the approval process, with industry speculation pointing to early 2024 for potential decisions.
Read Also: The SEC’s Window To Approve Bitcoin Spot ETF Is Narrowing, Bloomberg Analyst
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