Grayscale Focuses on Spot Bitcoin ETF Business: New Addition to the Team!

• Grayscale Investments has announced the appointment of John Hoffman, formerly with Invesco, as the new President and Head of Distribution and Business Partnerships.
• During his tenure at Invesco from 2020 to 2023, Hoffman made significant contributions to the ETF and Index Strategies sectors.
• Grayscale Investments is actively engaging with the SEC after recently altering its Bitcoin ETF proposal.

Grayscale added John Hoffman, who worked at investment giant Invesco, to its team: strong steps for spot Bitcoin ETF!

Grayscale Takes Steps for Spot Bitcoin ETF

Grayscale Investments has appointed John Hoffman, formerly with Invesco, as the new President and Head of Distribution and Business Partnerships. This move comes at a crucial time when the company is intensifying 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 significant role in this venture.

John Hoffman, who led Invesco’s America ETF team, brings substantial knowledge and experience to Grayscale. During his tenure at Invesco from 2020 to 2023, Hoffman made significant contributions to the ETF and Index Strategies sectors. At Grayscale, Hoffman will oversee distribution and strategic partnerships, crucial components in the company’s efforts to introduce 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, are making efforts to obtain approval from the U.S. Securities and Exchange Commission (SEC) for their respective spot Bitcoin ETF applications. The hiring of Hoffman by Grayscale symbolizes the company’s commitment to advancing its position in this competitive race.

Ongoing Dialogue with the SEC by Grayscale

Grayscale Investments is actively engaging with the SEC after recently altering its Bitcoin ETF proposal. The company aims to convert the Grayscale Bitcoin Trust (GBTC) into a spot ETF. Despite a positive court ruling for the SEC to review their applications, the outcome remains uncertain.

CEO Michael Sonnenshein has emphasized the need for the SEC to provide a clear timeline for the approval process, and industry speculations indicate possible decisions by the beginning of 2024.