Crypto asset manager Grayscale Investments is continuing its efforts to gain approval from the US Securities and Exchange Commission (SEC) for its spot Bitcoin ETF. In its latest step, the company hired John Hoffman, former head of Invesco’s ETF division.
Hoffman will become Grayscale’s general manager & president of distribution and strategic partnerships. Hoffman, who has worked in the ETF industry since 2006, held various ETF roles at Invesco as of 2014.
Grayscale manages the Grayscale Bitcoin Trust, the world’s largest Bitcoin fund. This fund would be one of the largest ETFs likely to launch if the spot Bitcoin ETF is approved, with $24.7 billion in assets under management.
The date of approval or rejection of ETFs is unclear. However, the market and investors believe that ETFs will be accepted, and some experts think a surprise could come in January.