According to a company statement, Michael Sonnenshein, CEO of Grayscale Investments, has resigned to "pursue other interests."
What's the scoop?
- Investor Outflows: Following the statement, Grayscale's spot bitcoin fund GBTC has experienced significant investor outflows, though it is unclear if Sonnenshein's departure prompted this.
- New CEO: Peter Mintzberg will take over as CEO on August 15 and join Grayscale's board of directors. Mintzberg previously held the Global Head of Strategy for Asset and Wealth Management position at Goldman Sachs.
Bankless Take:
In the era of BTC ETFs, Grayscale has made its name known as the hub for outflows, with a 72-day outflow streak. As May marked the first month where their GBTC fund saw inflows, the significance of this changing of the guards is heightened. Since 2022, Grayscale has navigated uncertain waters with its GBTC fund trading at a significant discount for some time starting in 2022, and the fund suing the SEC after the agency initially denied its GBTC spot ETF application. These challenges may now be coming to a close, with Sonnenshein’s departure marking the end of this period and the start of a new chapter for Grayscale. While only time will truly tell, GBTC flows over the coming months will provide insight into where the company is headed.
They were just beginning to see inflows again too! Curious the story behind this.
— Eric Balchunas (@EricBalchunas) May 20, 2024