Grayscale CEO Michael Sonnenshein resigns, replaced by Goldman Sachs executive | Wilnesh News

Grayscale Investments announced the resignation of Chief Executive Michael Sonnenshein on Monday, ending a 10-year reign as the leader of the largest crypto asset manager.

He will be succeeded by Peter Mintzberg, global head of strategy for Goldman Sachs’ asset and wealth management division, according to a Grayscale press release.

Mintzberg, who previously held strategy, M&A and investor relations positions at BlackRock, Oppenheimer Funds and Invesco, will take over on August 15, according to a press release. The company announced that Grayscale CFO Edward McGee will lead the organization on an interim basis.

Under Sonnenshein’s leadership, Grayscale is pushing the SEC to allow Bitcoin ETF. However, outflows from the Grayscale Bitcoin Trust (GBTC) have exceeded $17 billion since converting to an ETF in January, as the fund’s management fees are significantly higher than those of competitors, according to FactSet data.

Sonnenshein joined the company in 2014 and was promoted to CEO in 2021.

“It has been an honor to work with such smart, passionate people over the past decade to grow Grayscale into an industry giant,” Sonnenshein said in a statement. “The crypto asset class is at an important moment. At an inflection point, this is the perfect time for a smooth transition and I wish the Grayscale team every success in their next chapter.”

In 2022, Grayscale filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) after the regulator rejected Grayscale’s proposal to convert the investment vehicle into an exchange-traded fund. Last year, the court sided with Grayscale in that lawsuit, saying the SEC erred in denying the company permission to convert the trust.

The decision is a landmark victory for the crypto industry, paving the way for the approval of multiple new Bitcoin ETFs earlier this year, including funds from investment giants BlackRock and Fidelity.