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Michael Sonnenshein steps down as Grayscale Chief Executive Officer
Grayscale
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Michael Sonnenshein steps down as Grayscale Chief Executive Officer

2024-05-20 by Ndaman Olayinka 5 minutes read
Michael Sonnenshein steps down as Grayscale Chief Executive Officer

The largest cryptocurrency asset manager in the world, Grayscale, announced today that Michael Sonnenshein is stepping down as chief executive officer and has appointed Peter Mintzberg as the new CEO, effective August 15, 2024.

According to a press release by Gray Investments announcing the CEO transition, Edward McGee, Grayscale's chief financial officer, will take over as principal executive officer during this interim period and be in charge of managing the company. 

Mintzberg, who is currently the global head of strategy for asset and wealth management at Goldman Sachs Asset Management, will also become a member of the Grayscale Board of Directors. With over 20 years of experience working with top asset managers globally, like BlackRock and the aforementioned Goldman Sachs Asset Management, Mintzberg has a track record as a C-suite executive creating and implementing growth strategies.

Barry Silbert, Founder and CEO of DCG, stated, I am excited to welcome Peter Mintzberg, an exceptional strategic leader with global expertise across the most prominent asset managers, including BlackRock, OppenheimerFunds, and Invesco, which are critical ingredients as we position Grayscale for its next phase of growth. " I'm eager to see what he achieves at Grayscale as the company continues to grow its suite of forward-thinking investment products in its next chapter."

Silbert further expresses his gratitude to Michael for his stewardship and achievements since he joined Grayscale in 2014 and was appointed CEO in 2021. 

He tweeted, “I want to thank Sonnenshein. During his 10 years at Grayscale, he guided the firm through exponential growth and oversaw its pivotal role in bringing spot bitcoin ETFs to market, leading the way for the broader financial industry. We wish him the best in his future endeavors.

Sonnenshein also posted on X about his sincere gratitude for everyone who has been on this incredible rocket ship journey. He thanked Silbert for the opportunity given to him for the last 10 years to lead Grayscale’s business and to every member of the Grayscale team, past and present, that he worked alongside.

“The crypto asset class is at an important inflection point, and this is the right moment for a smooth transition. I wish the Grayscale team every success in its next chapter,” said Sonnenshein.

According to SoSo Value Crypto, Grayscale is currently the largest single-spot Bitcoin ETF issuer in the world, with an asset under management (AUM) of about $19.4 billion for its Grayscale Investments' Bitcoin Trust ETF (GBTC). Only a few weeks ago, GBTC experienced its first positive inflow day after approval in January, despite being dogged by outflows totaling about $18 billion.

In the past ten years, Grayscale has introduced a range of nineteen cryptocurrency investment products that provide investors with access to the asset class in a transparent and familiar manner. 

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.