Bitcoin ETF

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<div class="coinjournal">
 <ul>
 <li>Michael Sonnenshein has stepped down as CEO of Grayscale.</li>
 <li>Grayscale announced that Peter Mintzberg is the new CEO, effective August 15, 2024.</li>
 <li>Sonnenshein joined Grayscale in 2014 and was CEO from 2021, overseeing Grayscale’s successful lawsuit against SEC.</li>
 </ul>
 Michael Sonnenshein has stepped down as the CEO of Grayscale Investments, the crypto asset manager offering the spot Bitcoin ETF $GBTC.
 <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> announced Sonnenshein’s exit on Monday, revealing his replacement to be Peter Mintzberg. 
 Per a press release published on Monday, Mintzberg joins Grayscale from Goldman Sachs, where he was the Global Head of Strategy for Asset and Wealth Management.
 The new <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> CEO also held prominent positions at BlackRock, OppenheimerFunds and Invesco.
 <blockquote>
 “As we position Grayscale for its next phase of growth, excited to welcome Peter Mintzberg as Grayscale’s CEO, effective August 15. Joining from Goldman Sachs, Peter has 20+ years of experience across prominent asset managers, including BlackRock, OppenheimerFunds &amp; Invesco,” Barry Silbert, founder and CEO of Grayscale parent company Digital Currency Group (DCG), said.
 </blockquote>
 <h2 id="span-style-font-weight-400-sonnenshein-helped-grayscale-grow-span">Sonnenshein helped Grayscale grow</h2>
 Silbert thanked Sonnenshein, who joined Grayscale in 2014 and had been CEO since 2021, for his leadership and contribution towards Grayscale’s growth as a crypto company. 
 That includes the historic lawsuit and court victory against the US Securities and Exchange Commission (SEC).
 <blockquote>
 “Michael guided <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> from $60 million to ~$30 billion of assets under management and through its historic court victory against the Securities and Exchange Commission, which enabled <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> to uplist the first spot Bitcoin ETF to NYSE Arca alongside the largest players in traditional finance,” Silbert said in a statement.
 </blockquote>
 While <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> and DCG haven’t provided the exact reasons for the former CEO’s exit, observes say it could be tied to $GBTC and its performance since SEC’s approval in January this year.
 In three months of trading, Grayscale has seen over $17 billion in $GBTC outflows.
 Eric Balchunas, a senior ETF analyst at Bloomberg, commented that <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s outflows are massive and one likely to have led to this scenario.
 However, Balchunas still sees Sonnenshein’s exit as a “big shakeup” that comes as Grayscale was “just beginning to see inflows again.”
 <h2 id="span-style-font-weight-400-blackrock-s-ibit-surpasses-grayscale-s-gbtc-in-assets-span">BlackRock’s $IBIT surpasses Grayscale’s $GBTC in assets</h2>
 As the news of Sonnenshein’s exit hits the market, the spot Bitcoin ETF market is seeing a shake up too. 
 This is because BlackRock’s $IBIT has surpassed $GBTC as largest spot Bitcoin ETF in assets under management. 
 Notably, $IBIT currently holds $17.94 billion worth of BTC, compared to $GBTC’s $17.81 billion, according to data shared by Coinbase Traders.&nbsp;
 &nbsp;
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/grayscale-ceo-michael-sonnenshein-steps-down-tbt89006.html">https://thebittimes.com/grayscale-ceo-michael-sonnenshein-steps-down-tbt89006.html</a>

Grayscale CEO Michael Sonnenshein steps down

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