Grayscale Prepares for Bitcoin ETF Race by Recruiting Industry Veteran from Invesco

Grayscale Prepares for Bitcoin ETF Race by Recruiting Industry Veteran from Invesco

After dedicating more than 17 years to investment manager Invesco, John Hoffman is set to head Grayscale's distribution and partnerships team.

Grayscale, the leading crypto asset manager, has strategically appointed former Invesco Head of Americas, John Hoffman, to spearhead its distribution and partnerships team. This strategic move comes at a pivotal juncture, just six weeks before the anticipated decision on Grayscale's potential launch of a spot Bitcoin (BTC) exchange-traded fund (ETF).

Bringing over 17 years of ETF expertise, Hoffman, a seasoned professional, previously held key roles at Invesco, notably as the director of ETF institutional sales and capital markets at Invesco PowerShares Capital Management. His trajectory also includes serving as an adviser and, most recently, leading the Americas, ETF, and indexed strategies team.

Expressing enthusiasm, Dave LaValle, Global Head of ETFs at Grayscale, remarked on Hoffman's appointment, stating, "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."

Invesco, a major ETF issuer in the U.S., boasts a substantial presence with over 200 ETFs traded on U.S. markets and approximately $425 billion in assets under management (AUM). Grayscale's strategic hire of Hoffman underscores the company's commitment to navigating the evolving landscape of crypto investments with a seasoned professional at the helm.

This development coincides with Invesco experiencing another notable departure, as Anna Paglia, the former global head of ETFs, indexed strategies, SMAs, and models, recently joined State Street Global Advisors as executive vice president and chief business officer.

Looking ahead, Grayscale is positioning itself for a significant milestone, aiming to convert its GBTC Bitcoin trust into an ETF in January. The critical decision by the Securities and Exchange Commission (SEC) on the approval of 13 potential spot Bitcoin ETFs, including those from BlackRock, Invesco, and Franklin, among others, adds to the anticipation surrounding Grayscale's strategic moves in the evolving crypto investment landscape.