Grayscale Prepares for Bitcoin ETF And Hires Invesco Expert

Grayscale, a crypto asset manager, has hired John Hoffman as Managing Director and Head of Distribution and Strategic Partnerships. Hoffman, who previously served as the Head of Americas at investment manager Invesco, brings his wealth of industry and ETF expertise to Grayscale. He will lead the distribution and partnerships team, which is responsible for promoting Grayscale’s products to institutional investors.

Grayscale is hoping to launch a spot bitcoin (BTC) exchange-traded-fund (ETF) in January, pending approval from the Securities and Exchange Commission (SEC). The company plans to convert its GBTC bitcoin trust into an ETF. The SEC will decide whether to approve the launch of 13 potential spot bitcoin ETFs in January, including those of BlackRock, Invesco, and Franklin, among others.

Invesco is one of the biggest issuers of ETFs in the U.S., with over 200 ETFs traded on U.S. markets and roughly $425 billion in assets under management (AUM). Hoffman spent over 17 years at Invesco, where he was responsible for ETF institutional sales and capital markets. He later moved into an adviser role and most recently led the Americas, ETF, and indexed strategies team.

The decision to hire Hoffman comes six weeks before the SEC is set to make a decision on whether the company will be allowed to launch a spot bitcoin ETF. The move is part of a broader industry trend, with several asset managers vying for approval from the SEC for their respective spot bitcoin ETF filings. Grayscale’s commitment to advancing its position in the race to launch a bitcoin ETF is further evidenced by its recent hiring of Hoffman.

In addition to Hoffman, Invesco recently lost Anna Paglia, who served as global head of ETFs, indexed strategies, SMAs, and models at Invesco for the past seven years. Paglia left to join State Street Global Advisors as executive vice president and chief business officer.