Grayscale taps Invesco ETF veteran as it preps to convert Bitcoin Trust

Crypto asset manager Grayscale Investments has hired the former head of Invesco’s ETF division, John Hoffman, as the company anticipates converting its Grayscale Bitcoin Trust into a spot Bitcoin ETF.

He will become managing director and head of distribution and strategic partnerships for Grayscale.

Hoffman is an industry veteran who was head of Invesco’s Americas ETF division, and whose LinkedIn page shows ETF experience dating back to 2006.

Hoffman has served at Invesco in various ETF-related roles since 2014.

On Friday, Grayscale CEO Michael Sonnenshein welcomed Hoffman to the company in an X post.

The road to ETF approval

Grayscale is one of several companies seeking approval from the US Securities and Exchange Commission for a spot Bitcoin ETF. Others include asset management giant BlackRock, as well as Fidelity Investments, ARK Invest, and several others.

Still, Grayscale’s position is unique because its Grayscale Bitcoin Trust — the world’s biggest Bitcoin fund at $24.7 billion in assets under management — may be converted directly into a spot Bitcoin ETF.

SEC approval would establish Grayscale as an immediate leader in a new US market.

Grayscale won a lawsuit against the SEC in October disputing a previous rejection by the agency, an outcome that means the agency must reconsider Grayscale’s application.

ETF experts have said the SEC’s verdict should come by January.