Michael Sonneshein, CEO of cryptocurrency asset manager Grayscale, has resigned, according to a advertisement published by digital currency group Barry Silbert.
Michael Sonneshein, CEO of cryptocurrency asset manager Grayscale, has resigned, according to a advertisement published by digital currency group Barry Silbert.
“Michael guided the company through exponential growth and oversaw its pivotal role in bringing the bitcoin ETF market to the spot, paving the way for the broader financial industry. We wish him the best in his future endeavors,” Silbert said in a statement on social networks.
In turn, Sonnenshein thanked Silbert for his vision and wished the Grayscale team “much success.”
Earlier today, the Wall Street Journal reported that the leading cryptocurrency fund is currently suffering from an investor exodus.
Alex DovbnyaUnder Sonnenshein’s leadership, Grayscale managed to win its lawsuit against the U.S. Securities and Exchange Commission last year to eventually convert GBTC into an exchange-traded fund. However, the asset manager’s flagship fund has suffered persistent capital outflows since its launch. This was one of the main bearish obstacles for Bitcoin. Earlier this month, Sonnenshein also said that he was “optimistic” about the approval of Ethereum spot ETFs despite the low odds.
As Guru-Investingreported, Sonnenshein was promoted from Grayscale CEO to CEO in July 2021. Before that, the asset manager was headed directly by Silbert. Grayscale is part of the Digital Currency Group.
Before joining Grayscale a decade ago, Sonnenshein worked as an analyst for Bank of America and Barclays, as well as an associate at JP Morgan, the largest bank in the United States.
Dan BurginSonnenshein will be replaced by Peter Mintzberg, global head of strategy at banking giant Goldman Sachs’ asset and wealth management division. Mintzberg has decades of experience at prominent asset managers, including OppenheimerFunds, BlackRock, Oppenheimer and Invesco.
