Grayscale Investments Hires ETF Veteran to Aid Bitcoin ETF Efforts
Grayscale Investments, the digital asset giant, has brought onboard John Hoffman, a former executive at Invesco, to help in its efforts to launch America’s first spot Bitcoin ETF. Hoffman will serve as Grayscale’s managing director, head of distribution and partnerships. With almost two decades of experience, including expertise in ETFs and Indexed Strategies decisions at Invesco, Hoffman’s role is crucial in expanding financial products.
Anticipation for SEC Approval of Bitcoin ETFs
Grayscale’s hiring of Hoffman coincides with a period of high anticipation for the Securities and Exchange Commission (SEC) to approve several spot Bitcoin ETF filings. Issuers such as BlackRock, Bitwise, VanEck, and others have submitted 13 applications. Invesco also submitted a joint filing with Galaxy Digital for a BTC ETF tied to the asset’s spot price.
Grayscale’s Amendment to Bitcoin ETF Bid
Following discussions with the SEC, Grayscale filed an amendment to its Bitcoin ETF bid. The company sought to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF. However, despite securing a court ruling mandating the SEC to review its applications, there is still speculation that the filing may be rejected.
Timeline for Approval and Industry Speculation
The CEO of Grayscale, Michael Sonneshein, stated that the SEC has not provided a timeline for approval. Speculation within the industry suggests that concrete decisions on spot Bitcoin ETFs are likely to be made in January 2024.
Hot Take: Grayscale Boosts Bitcoin ETF Efforts with Experienced Hire
Grayscale Investments has added John Hoffman, a former executive at Invesco, to its team as part of its push for a spot Bitcoin ETF. With growing interest in Bitcoin and anticipation for SEC approval of ETF filings, Grayscale aims to position itself at the forefront of the market. The hiring of Hoffman, who brings extensive experience in ETFs and financial product distribution, demonstrates Grayscale’s commitment to success in this endeavor. While the timeline for approval remains uncertain, industry experts expect concrete decisions on spot Bitcoin ETFs in early 2024. Grayscale’s strategic move positions it well in the race for America’s first spot Bitcoin ETF.
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