Grayscale CEO Michael Sonnenshein Announces Departure as Head of Leading Crypto Investment Firm

Michael Sonnhenshein – CEO of the world’s largest Bitcoin ETF, Grayscale – has resigned from his position, as reported in a company press release on Monday.

According to the announcement, Peter Mintzberg, the current global head of strategy at Goldman Sachs’ Wealth Management Division, will take over as the new CEO, starting on August 15, 2024. In the meantime, Edward McGee, Grayscale’s Chief Financial Officer, will serve as the interim leader.

Barry Silbert, founder and CEO of Digital Currency Group (DCG), Grayscale’s parent company, expressed his gratitude to Sonnhenshein for his leadership and tenure at the company. Sonnhenshein also thanked Silbert for their partnership over the past decade and expressed excitement for the future in a tweet on Monday.

Sonnhenshein’s departure follows Grayscale’s recent approval to convert into a Bitcoin spot ETF after a long battle against regulatory hurdles. Despite initially holding a liquidity advantage, Grayscale is now trailing behind BlackRock in terms of assets under management due to its higher management fees compared to competitors.

Until recently, Grayscale experienced continuous net outflows, with daily Bitcoin holdings dropping significantly. Bloomberg ETF analyst Eric Balchunas expressed interest in the reasons behind Sonnhenshein’s departure.

Image source: Bloomberg

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