In a surprising turn of events, Barry Silbert, the founder and CEO of Digital Currency Group (DCG) – the parent company of Grayscale – has resigned from the asset manager’s board of directors.

Silbert, a key figure in the cryptocurrency industry, has played a crucial role in shaping the growth of Grayscale Investments. His departure from the board signals a significant shift in leadership and strategy for the firm.

  • The official 8-K filing with the US Securities and Exchange Commission (SEC) on December 26 confirmed the resignation.
  • Besides Silbert, Mark Murphy, the president of Digital Currency Group (DCG), has also announced his resignation from the Grayscale board.
  • Both the former execs’ resignations will take effect on January 1, 2024. Mark Shifke, 64, the chief financial officer of DCG, will be taking over Silbert’s role.
  • The newly appointed members joining Grayscale’s board include Matt Kummell, 47, the Senior Vice President of Operations at DCG, and Edward McGee, 40, who holds the position of Chief Financial Officer at Grayscale, as outlined in the submitted document.
  • As a result of these changes, Grayscale’s board composition now includes Shifke, Kummell, McGee, and Michael Sonnenshein, the CEO of the company. The filing did not provide specific details regarding the reasons behind these alterations.
  • The change in leadership at Grayscale comes at a time when the asset manager is seeking approval from the SEC to convert its GBTC into a spot Bitcoin ETF.
  • Grayscale Investments’ CEO, Michael Sonnenshein, recently expressed optimism regarding the ongoing discussions with the securities watchdog about the potential approval of a spot Bitcoin ETF. He further added that if greenlighted, this could pave the way for an influx of $30 trillion in wealth into the crypto market.