Michael Sonnenshein, CEO of digital asset investment firm Grayscale, has stepped down after 10 years to be replaced by a veteran from the world of traditional finance (TradFi) world just months after the company’s flagship Bitcoin Trust became an exchange-traded fund (ETF).
Sonnenshein, who became CEO in 2021, will be replaced by Peter Mintzberg, head of strategy for asset and wealth management at Goldman Sachs on Aug. 15, Grayscale said on Monday. Mintzberg has more than 20 years of experience in TradFi, having previously worked at BlackRock, OppenheimerFunds and Invesco. CFO Edward McGee will lead the company on an interim basis until Mintzberg fills the role.
“Michael guided the firm through exponential growth & oversaw its pivotal role in bringing spot bitcoin ETFs to market, leading the way for the broader financial industry,” Barry Silbert, CEO of Grayscale’s parent company Digital Currency Group, wrote on X.
In January, Grayscale was one of about a dozen firms to finally have a spot bitcoin ETF approved to list in the U.S. in January. The firm had taken the U.S. Securities and Exchange Commission (SEC) to court over the regulator’s repeated refusal to allow it to convert its Bitcoin Trust (GBTC), then a closed-end fund, into an ETF.
GBTC saw around $15 billion of outflows in the following three months as the firm kept fees higher than its competitors.
Read More: Grayscale CEO Says Bitcoin ETF Outflows Are Reaching Equilibrium: Reuters
UPDATE (May 20, 14:27 UTC): Adds additional background on Grayscale’s legal action against the SEC and GBTC’s outflows since approval.
UPDATE (May 20, 14:38 UTC): Replaces second bullet point.
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.