KEY FACT: Michael Sonnenshein has stepped down from his role as the chief executive officer (CEO) of Grayscale Investments. He is replaced by Peter Mintzberg, appointment effective August 15, 2024 .
Created on Corel paint
Grayscale Investments Announces Leadership Transition
Michael Sonnenshein has stepped down from his role as the chief executive officer (CEO) of Grayscale Investments after a decade-long stint as the cryptocurrency asset manager and will be replaced later this year by Peter Mintzberg, former Goldman Sachs executive.
Grayscale's new leadership will be assumed by August 15. Until then, Grayscale’s chief financial officer, Edward McGee, is delegated to lead the firm in the interim as the principal executive officer.
This announcement was conveyed in an X post by Barry Silbert, founder and CEO of Digital Currency Group which is the parent company of Grayscale. Silbert's post read thus:
“As we position Grayscale for its next phase of growth, excited to welcome Peter Mintzberg as Grayscale’s CEO, effective August 15. Joining from Goldman Sachs, Peter has 20+ years of experience across prominent asset managers, including BlackRock, OppenheimerFunds & Invesco.”
Michael Sonnenshein has served Grayscale in the capacity of CEO for Ten (10) years. Within the decade, Sonnenshein played a pivotal role in the launch of the first United States spot Bitcoin ($BTC) exchange-traded funds (ETFs). On this, Silbert commented:
“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. We wish him the best in his future endeavors.”
The contribution of Grayscale to Bitcoin ETF development is that Grayscale was among the first issuers in the United States. Its Grayscale Bitcoin Trust (GBTC) was converted into an ETF on January 11. This made it the first publicly traded Bitcoin fund, according to Grayscale.
Grayscale’s GBTC is the largest ETF by on-chain Bitcoin investments, currently holding over 287,801 BTC, worth $19.3 billion, and holding a 34.9% market share. According to Dune, BlackRock’s iShares ETF holdings of over 274,000 BTC is the second-largest in comparison with Grayscale's, worth $18.4 billion, and having a 33.3% market share.
Largest U.S. Bitcoin ETFs. Source: Dune
Grayscale is one of the world’s most prominent cryptocurrency asset management firms, with over $50 billion worth of assets under management as of September 2021. Grayscale enables investors to access the digital economy through a family of future-forward investment products. Since its creation in 2013, the company has a proven track record and deep expertise as the world’s largest crypto asset manager.
It is hoped that the days of Peter Mintzberg as CEO of Grayscale will record greater successes. Do you think Mintzberg's credentials would make that happen?
If you found the article interesting or helpful, please hit the upvote button, and share for visibility to other hive friends to see. More importantly, drop a comment below. Thank you!
This post was created via INLEO, What is INLEO?
INLEO's mission is to build a sustainable creator economy that is centered around digital ownership, tokenization, and communities. It's Built on Hive, with linkages to BSC, ETH, and Polygon blockchains. The flagship application: Inleo.io allows users and creators to engage & share micro and long-form content on the Hive blockchain while earning cryptocurrency rewards.
Let's Connect
Hive: inleo.io/profile/uyobong/blog
Twitter: https://twitter.com/Uyobong3
Discord: uyobong#5966
Posted Using InLeo Alpha
Let's see what Peter Mintzberg will offer to the Grayscale Investments.
I definitely believe there'll be a positive growth
We're quite hopeful. let's the see the turn of events.
I'm so excited and anxious to what Peter Mintzberg will bring to Grayscale. Kudos to Michael Sonnenshein for a decade of incredible and outstanding leadership.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.