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Grayscale CEO Steps Down: Details

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Mon, 20/05/2024 - 13:27
Grayscale CEO Steps Down: Details
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Michael Sonneshein, the CEO of cryptocurrency asset manager Grayscale, has called it quits, according to an announcement posted by Digital Currency Group Barry Silbert. 

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"Michael guided the firm through exponential growth & oversaw its pivotal role in bringing spot bitcoin ETFs to market, leading the way for the broader financial industry. We wish him the best in his future endeavors," Silbert said in a social media statement. 

In turn, Sonnenshein thanked Silbert for his vision while wishing the Grayscale team "every success." 

Earlier today, the Wall Street Journal reported that the leading cryptocurrency fund is currently suffering from an investor exodus. 

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Under Sonnenshein's leadership, Grayscale managed to win its lawsuit against the US Securities and Exchange Commission last year to eventually convert GBTC into an exchange-traded fund. However, the asset manager's flagship fund has been suffering from persistent outflows since its launch. This was one of the key bearish headwinds for Bitcoin. Earlier this month, Sonnenshein also said that he was "optimistic" about the approval of spot Ethereum ETFs despite low odds.   

As reported by U.Today, Sonnenshein was promoted from Grayscale managing director to the CEO position in July 2021. Prior to that, the asset manager was spearheaded directly by Silbert. Grayscale is part of Digital Currency Group.    

Before joining Grayscale a decade ago, Sonnenshein has served as an analyst for Bank of America, and Barclays as well as an associate at J.P. Morgan, the largest US bank.     

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Sonnenshein will be replaced by Peter Mintzberg, the global head of strategy for the asset and wealth management division of banking giant Goldman Sachs. Mintzberg has decades of experience across prominent asset managers, including OppenheimerFunds, BlackRock, Oppenheimer, and Invesco.  

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