Grayscale Investments’ CEO Michael Sonnenshein has announced his departure. Effective August 15, Sonnenshein will be succeeded by seasoned financial executive Peter Mintzberg, formerly of Goldman Sachs. The announcement was made by Barry Silbert, founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale.
Reflecting on Sonnenshein’s contributions, Silbert remarked, “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.”
Sonnenshein’s successor, Peter Mintzberg, brings over two decades of experience in asset management, having held prominent positions at institutions such as BlackRock, OppenheimerFunds, and Invesco. His appointment underscores Grayscale’s commitment to navigating its next phase of growth and innovation within the evolving landscape of digital assets.
Grayscale’s flagship product, the Grayscale Bitcoin Trust ETF (GBTC), holds the distinction of being the largest ETF by on-chain Bitcoin investments, currently managing over 287,801 Bitcoin valued at $19.3 billion. However, Grayscale’s fee structure, notably its 1.5% fee, surpasses the industry standard, presenting a potential area for improvement under Mintzberg’s leadership.
