Michael Sonnenshein, the CEO of Grayscale, has announced his resignation after ten years of service. He will be replaced by Peter Mintzberg, the current Head of Strategy for Asset Management and Wealth Management at Goldman Sachs, starting on August 15th.
This transition comes just a few months after the company’s flagship fund, the Bitcoin Trust, became a Bitcoin Spot ETF.
Parcours de Michael Sonnenshein et avènement de Peter Mintzberg
Sonnenshein, who took the helm at Grayscale in 2021, guided the company through a period of exponential growth and played a key role in introducing Bitcoin ETFs to the market, marking a turning point for the broader financial industry. Barry Silbert, CEO of Digital Currency Group, Grayscale’s parent company, praised Sonnenshein’s pivotal role in these developments on X.
Peter Mintzberg, who is taking the reins, brings over twenty years of experience in traditional finance, with notable stints at BlackRock, OppenheimerFunds, and Invesco. Edward McGee, CFO of Grayscale, will serve as interim CEO until Mintzberg’s arrival.
Évolution du Bitcoin Trust et répercussions
In January, Grayscale succeeded, after multiple attempts and a lawsuit against the U.S. Securities and Exchange Commission, in converting its Bitcoin Trust (GBTC), previously a closed-end fund, into a Bitcoin Spot ETF. This marked a major milestone for both the company and the cryptocurrency industry as a whole.
However, the GBTC experienced approximately $15 billion in outflows in the following three months, as the company maintained higher fees than its competitors, fueling debates about pricing strategies and alignment with market expectations.
