Grayscale, one of the biggest digital asset managers in the world, has added former Invesco CEO John Hoffman to its lineup as it prepares for a race to launch a Bitcoin exchange-traded fund (ETF). Hoffman, who left Invesco in January, is now the chairman of Grayscale’s parent company, Digital Currency Group.
Hoffman’s role is to use his considerable experience to act as an advisor to Grayscale as the firm gears up to launch a Bitcoin ETF. Hoffman is highly experienced in traditional finance and has a track record in developing and launching ETFs.
ETFs, which are collection of securities that track an underlying index, have been widely popular with investors. Grayscale is one of several firms that have been vying to launch a Bitcoin ETF. The approval process, however, has been long and arduous due to intense regulatory scrutiny.
By adding Hoffman to its lineup, Grayscale is sending a clear message that it is serious about launching a Bitcoin ETF. His background in traditional finance and experience developing and launching ETFs make him uniquely qualified to lead Grayscale’s efforts to launch a Bitcoin ETF.
Hoffman’s hiring also underscores the growing acceptance and legitimacy of digital assets. His expertise in traditional finance will be invaluable in helping Grayscale navigate the complex regulatory landscape.
Grayscale is not the only firm vying to launch a Bitcoin ETF. Several other firms, including VanEck, Bitwise, and WisdomTree, are also in the running. It remains to be seen which firm will be the first to launch a Bitcoin ETF, but the race is heating up. With the addition of Hoffman, Grayscale has positioned itself as a frontrunner.