John Hoffman is set to assume the position of Managing Director and Head of Distribution and Partnerships at Grayscale Investments, as per his LinkedIn profile.

The digital asset management firm is actively bolstering its team with the addition of John Hoffman, former lead of Invesco ETF, as part of its efforts to transform its flagship G BTC + fund into a bitcoin exchange-traded fund (ETF).

Having previously spearheaded Invesco’s Americas ETF team, Hoffman’s LinkedIn profile now reflects his new role at Grayscale. Grayscale CEO Michael Sonnenshein expressed enthusiasm about Hoffman joining the team, stating, “Thrilled to welcome Hoffman to the team.”

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Grayscale Global Head of ETFs Dave LaValle also commented on Hoffman’s appointment, emphasizing his wealth of industry and ETF expertise, which is deemed invaluable for the team and clients, especially given the current dynamic phase at Grayscale.

Furthermore, the quest for a spot bitcoin ETF has engaged various asset managers, including WisdomTree, Invesco, Fidelity, and BlackRock. However, all applications are dependent on approval from the Securities and Exchange Commission (SEC). As of now, the SEC has not granted the green light to any spot crypto ETF.

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Both Grayscale and BlackRock have recently interacted with the SEC’s division of trading and markets. They are actively discussing their applications for spot bitcoin funds.

The anticipation of regulatory approval has fueled speculation, leading to a 12.1% surge in Bitcoin’s price over the past month. Additionally, there has been a notable 123.7% increase in its value over the past year.

At the time of reporting, Bitcoin was trading at $38,415, marking a 2.3% increase over the past day, according to data from The Block.

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