Grayscale appoints Goldman Sachs exec as new CEO

Grayscale appoints Goldman Sachs exec as new CEO

Share this article

Grayscale Investments’ Michael Sonnenshein is stepping down as CEO after over a decade of working with the crypto asset management firm. Grayscale has appointed Peter Mintzberg, currently the global head of strategy for asset and wealth management at Goldman Sachs Asset Management.

Prior to his role at Goldman Sachs, Mintzberg held global leadership roles in Strategy, Mergers & Acquisitions and Investor Relations at BlackRock, Invesco, and OppenheimerFunds. Mintzberg will officially begin as Grayscale’s new CEO on August 15.


According to the Wall Street Journal, Grayscale’s board and parent company, Digital Currency Group, began searching for a new CEO in late 2023, though the search was not related to GBTC’s performance or outflows.

“The crypto asset class is at an important inflection point and this is the right moment for a smooth transition,” Sonnenshein said.

Sonnenshein’s tenure as CEO of Grayscale Investments marked a period of significant growth and transformation for the company. Under his leadership, Grayscale’s assets under management soared from a modest $60 million to $30 billion.

It was during Sonnenshein’s leadership that Grayscale won a historic legal case against the SEC, paving the way for the approval of a spot Bitcoin ETF earlier in January.

Sonnenshein also led the Grayscale Bitcoin Trust to accumulate an astonishing 624,000 BTC before successfully guiding the trust through its transition to a spot Bitcoin ETF in January 2023. However, as of his resignation, the trust’s Bitcoin holdings have declined to 290,000 BTC.

Despite this reduction, the dollar value of the trust’s assets only decreased to $9.6 billion, largely due to Bitcoin’s price surge from $46,000 to $67,000 during this period. The decrease in Bitcoin holdings has resulted in a reduction of approximately $144 million per year in management fees for Grayscale, which charges a 1.5% fee on its Bitcoin ETF.

The firm’s current assets under management stands at around $19.4 billion, with $290 million in revenue from annual fees expected. Earlier this month, the firm has withdrawn its application for an Ethereum futures ETF.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.