Grayscale, a crypto asset manager, has brought on board John Hoffman, former Head of Americas at Invesco, to oversee its distribution and partnerships team. This move comes just ahead of an imminent decision regarding the potential launch of a bitcoin (BTC) exchange-traded fund (ETF) by the company.
Hoffman, an experienced figure in the ETF realm, boasts a tenure of more than 17 years at Invesco. He held various significant roles there, starting as the director of ETF institutional sales and capital markets at Invesco PowerShares Capital Management. Later, he transitioned to an advisory role and eventually led the Americas, ETF, and indexed strategies teams.
Dave LaValle, Global Head of ETFs at Grayscale, expressed enthusiasm about Hoffman joining as Managing Director and Head of Distribution and Strategic Partnerships, citing his extensive industry expertise as a valuable asset, particularly in the current dynamic phase at Grayscale.
Invesco, a major ETF issuer in the U.S., manages a portfolio of over 200 ETFs on U.S. markets, totaling approximately $425 billion in assets under management (AUM). The company recently witnessed another significant departure, with Anna Paglia, the former global head of ETFs, indexed strategies, SMAs, and models at Invesco for seven years, moving to State Street Global Advisors as executive vice president and chief business officer.
Grayscale has its sights set on converting its GBTC bitcoin trust into an ETF in January, contingent upon the Securities and Exchange Commission’s (SEC) decision regarding the potential approval of 13 spot bitcoin ETFs, including those from BlackRock, Invesco, Franklin, and others.
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