Grayscale Investments LLC is set for an important leadership change as CEO Michael Sonnenshein announces his departure.
Barry Silbert, the founder and CEO of Digital Currency Group (DCG), Grayscale's parent company, confirmed that Sonnenshein will be succeeded by Peter Mintzberg, a seasoned executive with a background at Goldman Sachs.
Mintzberg will assume the role starting August 15.
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Established in 2013, Grayscale has become the world's largest crypto asset manager by assets under management (AUM) as of March 2024.
Silbert expressed gratitude for Sonnenshein's decade-long leadership at the company, highlighting his role in its rapid growth and significant contribution to introducing spot Bitcoin exchange-traded funds (ETF).
Grayscale has been at the forefront of the Bitcoin ETF market in the US, having issued its Grayscale Bitcoin Trust (GBTC) ETF on January 11. With a market share of 34.9%, Grayscale’s Bitcoin Trust (GBTC) is the largest ETF in terms of on-chain Bitcoin holdings, managing assets worth $19.3 billion.
BlackRock’s iShares Bitcoin ETF (IBIT) is the second-largest in the market, with Bitcoin holdings valued at $18.4 billion, according to Dune data.
Grayscale's leadership change marks a new chapter, continuing the firm's legacy as a leader in the crypto asset management and Bitcoin ETF market.
In other news, the largest asset-holding bank in the US, JPMorgan, has recently expanded its crypto portfolio by investing in five Bitcoin ETFs, including GBTC.
