{"id":31054,"date":"2024-05-20T19:21:18","date_gmt":"2024-05-20T19:21:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/grayscale-ceo-michael-sonnenshein-steps-down\/"},"modified":"2024-05-20T19:21:18","modified_gmt":"2024-05-20T19:21:18","slug":"grayscale-ceo-michael-sonnenshein-steps-down","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/grayscale-ceo-michael-sonnenshein-steps-down\/","title":{"rendered":"Grayscale CEO Michael Sonnenshein steps down"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/185290871_m_normal_none-min-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/185290871_m_normal_none-min-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/185290871_m_normal_none-min-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/185290871_m_normal_none-min-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Michael Sonnenshein has stepped down as CEO of Grayscale.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Grayscale announced that Peter Mintzberg is the new CEO, effective August 15, 2024.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Sonnenshein joined Grayscale in 2014 and was CEO from 2021, overseeing Grayscale\u2019s successful lawsuit against SEC.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Michael Sonnenshein has stepped down as the CEO of <a href=\"https:\/\/coinjournal.net\/news\/tag\/grayscale\/\">Grayscale Investments<\/a>, the crypto asset manager offering the spot Bitcoin ETF $GBTC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Grayscale announced Sonnenshein\u2019s exit on Monday, revealing his replacement to be Peter Mintzberg. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Per a press release published on Monday, Mintzberg joins Grayscale from Goldman Sachs, where he was the Global Head of Strategy for Asset and Wealth Management.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The new Grayscale CEO also held prominent positions at BlackRock, OppenheimerFunds and Invesco.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400\">\u201cAs we position Grayscale for its next phase of growth, excited to welcome Peter Mintzberg as Grayscale\u2019s CEO, effective August 15. Joining from Goldman Sachs, Peter has 20+ years of experience across prominent asset managers, including BlackRock, OppenheimerFunds &amp; Invesco,\u201d Barry Silbert, founder and CEO of Grayscale parent company Digital Currency Group (DCG), <\/span><a href=\"https:\/\/x.com\/BarrySilbert\/status\/1792542093023342784\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">said<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400\">Sonnenshein helped Grayscale grow<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Silbert thanked Sonnenshein, who joined Grayscale in 2014 and had been CEO since 2021, for his leadership and contribution towards Grayscale\u2019s growth as a crypto company. <\/span><\/p>\n<p><span style=\"font-weight: 400\">That includes the <a href=\"https:\/\/coinjournal.net\/news\/grayscale-win-against-sec-in-bitcoin-etf-case\/\">historic lawsuit and court victory<\/a> against the US Securities and Exchange Commission (SEC).<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400\">\u201cMichael guided Grayscale from $60 million to ~$30 billion of assets under management and through its historic court victory against the Securities and Exchange Commission, which enabled Grayscale to uplist the first spot Bitcoin ETF to NYSE Arca alongside the largest players in traditional finance,\u201d Silbert said in a statement.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">While Grayscale and DCG haven\u2019t provided the exact reasons for the former CEO\u2019s exit, observes say it could be tied to $GBTC and its performance since SEC\u2019s approval in January this year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In three months of trading, Grayscale has seen over $17 billion in $GBTC outflows.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Eric Balchunas, a senior ETF analyst at Bloomberg, <\/span><a href=\"https:\/\/x.com\/EricBalchunas\/status\/1792557196439380082\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">commented<\/span><\/a><span style=\"font-weight: 400\"> that Grayscale\u2019s outflows are massive and one likely to have led to this scenario.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Balchunas still sees Sonnenshein\u2019s exit as a \u201cbig shakeup\u201d that comes as Grayscale was \u201cjust beginning to see inflows again.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BlackRock\u2019s $IBIT surpasses Grayscale\u2019s $GBTC in assets<\/span><\/h2>\n<p><span style=\"font-weight: 400\">As the news of Sonnenshein\u2019s exit hits the market, the spot Bitcoin ETF market is seeing a shake up too. <\/span><\/p>\n<p><span style=\"font-weight: 400\">This is because BlackRock\u2019s $IBIT has surpassed $GBTC as largest spot Bitcoin ETF in assets under management. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, $IBIT currently holds $17.94 billion worth of BTC, compared to $GBTC\u2019s $17.81 billion, according to data shared by <a href=\"https:\/\/x.com\/coinbasetraders\/status\/1792601429208871069\">Coinbase Traders<\/a>.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/grayscale-ceo-michael-sonnenshein-steps-down\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Michael Sonnenshein has stepped down as CEO of Grayscale. Grayscale announced that Peter Mintzberg is the new CEO, effective August 15, 2024. Sonnenshein joined Grayscale in 2014 and was CEO from 2021, overseeing Grayscale\u2019s successful lawsuit against SEC. Michael Sonnenshein has [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":31055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31054"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=31054"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/31055"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=31054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=31054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=31054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}