Grayscale Investments has enlisted the expertise of former Invesco ETF lead, John Hoffman, in a strategic move to fortify its team in the pursuit of transforming its flagship G BTC+ fund into a spot Bitcoin exchange-traded fund (ETF). The digital asset management firm aims to navigate the evolving landscape of cryptocurrency investment vehicles, media reports said.
John Hoffman, formerly at the helm of Invesco’s Americas ETF team, assumes the role of Managing Director and Head of Distribution and Strategic Partnerships at Grayscale, as indicated by his LinkedIn profile. Grayscale CEO Michael Sonnenshein expressed his excitement about Hoffman joining the team, highlighting the strategic value he brings to the company.
“The Grayscale team is thrilled to have John Hoffman join us as Managing Director and Head of Distribution and Strategic Partnerships. John has a wealth of industry and ETF expertise, which will be invaluable to our team and clients, especially during this exciting time at Grayscale,” remarked Grayscale Global Head of ETFs Dave LaValle in an official statement to The Block.
This strategic hiring aligns with Grayscale’s broader objective of positioning itself at the forefront of the race for a spot Bitcoin ETF, a trend observed among various asset management firms, including WisdomTree, Invesco, Fidelity, and BlackRock. The applications for such ETFs await approval from the Securities and Exchange Commission (SEC), with no approvals granted to date.
Both Grayscale and BlackRock have engaged in discussions with the SEC’s division of trading and markets regarding their respective applications for spot Bitcoin funds. The regulatory green light for these ETFs is eagerly awaited, with Bitcoin’s price experiencing a surge amid speculation that approval may be imminent. Over the past month, the world’s largest digital asset has seen a 12.1% increase, and its value has risen by an impressive 123.7% over the past year. As of the latest data from The Block, Bitcoin was trading at $38,415, marking a 2.3% increase over the past day.
The cryptocurrency community closely watches these developments, anticipating regulatory advancements that could further legitimize and facilitate broader access to digital assets through regulated investment vehicles.