Michael Sonnenshein Steps Down as CEO of Grayscale

Barry Silbert, head of Digital Currency Group (DCG), has announced a leadership change at Grayscale Investments.

2/ I want to thank @Sonnenshein— during his 10 years @Grayscale, 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

— Barry Silbert (@BarrySilbert) May 20, 2024

According to the announcement, CEO Michael Sonnenshein is stepping down. He will be succeeded by Peter Mintzberg on August 15, who previously served as Global Strategy Director at Goldman Sachs.

“I have long admired Grayscale’s position as a leading crypto asset management firm, and it is an honor to join the most talented and innovative team in the business,” Mintzberg stated.

Silbert noted that the personnel changes are linked to the next phase of Grayscale’s growth.

Sonnenshein expressed gratitude to the company and the head of DCG.

I leave @Grayscale with deep gratitude for everyone who has been on this incredible rocket ship journey. @BarrySilbert, thank you for taking a bet on me and for your partnership these last 10 years. To the Grayscale Leadership Team — thank you for your dedication, loyalty, and…

— Sonnenshein (@Sonnenshein) May 20, 2024

Grayscale is among the companies that applied to launch a spot bitcoin ETF. New products from 11 issuers received approval in January. 

As of April, Grayscale’s exchange-traded fund AUM had decreased by $16 billion. In the same month, Sonnenshein predicted a stabilization of outflows from GBTC.

Back in May, Grayscale Investments withdrew its application to create an Ethereum-based futures ETF.