- Grayscale hired John Hoffman, a 17-year veteran from Invesco, to lead distribution and partnerships as it seeks SEC approval to convert its Bitcoin fund into an ETF.
- Hoffman has extensive experience developing and managing ETFs, which could help Grayscale craft an application that addresses SEC concerns about a Bitcoin ETF.
- His expertise launching ETFs could also help Grayscale effectively market its Bitcoin ETF to investors if approved, expanding accessibility beyond the already popular GBTC fund.
Grayscale recently hired John Hoffman, who spent over 17 years at investment manager Invesco. Hoffman will lead Grayscale’s distribution and partnerships team as the company gears up to convert its Bitcoin fund into an ETF.
Grayscale’s Plans to Launch a Bitcoin ETF
Grayscale has long sought approval from the SEC to convert its Bitcoin fund (GBTC) into an ETF. The firm has met with SEC officials several times to discuss an ETF application.
However, the SEC has rejected all Bitcoin ETF applications so far, citing concerns around manipulation and illicit activities. The regulator seems to be taking a cautious approach towards crypto ETFs.
Grayscale hopes that hiring an experienced ETF veteran like Hoffman will improve its chances of getting SEC approval. Hoffman spent years managing ETF products at Invesco, so he understands the regulatory environment well.
Hoffman’s Experience at Invesco
At Invesco, Hoffman managed the firm’s family of factor-based ETFs. He oversaw product development, distribution, marketing, and capital markets functions.
Before joining Invesco in 2005, Hoffman worked at Merrill Lynch Investment Managers. He has over two decades of experience developing and managing ETFs.
Impact on Grayscale’s ETF Hopes
Hoffman’s expertise should come in handy for Grayscale, as navigating ETF regulations is complex. He can guide the firm’s conversations with the SEC and help craft an ETF application that specifically addresses the regulator’s concerns.
His experience launching ETFs could also help Grayscale effectively market its Bitcoin ETF to investors if it does get approved. The GBTC fund is already popular, but turning it into an ETF would make it accessible to more investors.
Grayscale faces an uphill battle getting SEC approval, but hiring an ETF veteran like Hoffman is a step in the right direction. His expertise could help strengthen Grayscale’s eventual ETF application.
