CEO of Crypto Asset Manager Grayscale Investments Resigns

(Picture Source: LinekdIn)

Michael Sonnenshein has stepped down as chief executive of Grayscale Investments, after more than a decade helping to establish the US group as one of the world’s largest cryptocurrency asset managers.

He will be replaced by Peter Mintzberg, global head of strategy for asset and wealth management at Goldman Sachs, in August.

Sonnenshein joined Grayscale in 2014 to help build up its bitcoin investment trust and had been chief executive since 2021. He was leaving to "pursue other interests", the group said in a statement.

His departure comes as Grayscale faces fierce competition to dominate the emerging market for stock market-listed funds that invest directly in bitcoin.

The New York group said Edward McGee, chief financial officer, would lead the company until Mintzberg started on August 15.

"Peter is an exceptional strategic leader with global expertise across the most prominent asset managers, which are critical ingredients as we position Grayscale for its next phase of growth," said Barry Silbert, chief executive of Digital Currency Group, which owns Grayscale.  

Sonnenshein said in a LinkedIn post that he was leaving "with deep gratitude for everyone who has been on this incredible rocket ship journey" and was "excited for what's next".

Grayscale also runs a $9bn ethereum trust and is one of several asset managers seeking to launch an ethereum ETF. The SEC faces deadlines this week to decide whether to approve two of those ethereum ETF applications.

(Source: Financial Times)