Grayscale CEO Michael Sonnenshein steps down, Goldman exec to take his place (2024)

Michael Sonnenshein at the 2022 Forbes Iconoclast Summit at New York Historical Society on Nov. 3, 2022.

Arturo Holmes | Getty Images Entertainment | Getty Images

Grayscale Investments announced that CEO Michael Sonnenshein stepped down on Monday, ending a 10-year run as the leader of the largest crypto asset manager.

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

Mintzberg, who has previously held posts related to strategy, mergers and acquisitions, and investor relations at BlackRock, OppenheimerFunds and Invesco, will take the helm on Aug. 15, the release said. Grayscale Chief Financial Officer Edward McGee will lead the organization in the interim, the company announced.

Under Sonnenshein, Grayscale played a key role in pushing the U.S. Securities and Exchange Commission to allowbitcoinETFs. However, the GrayscaleBitcoinTrust (GBTC) has seen more than $17 billion in outflows since converting to an ETF in January, according to FactSet, as the fund's management fee is significantly higher than that of its competitors.

Sonnenshein joined the company in 2014 and ascended to CEO in 2021. He is moving on "to pursue other interests," according to the statement released by the firm.

"It has been an honor and a privilege to work alongside such smart, passionate people to grow Grayscale into an industry titan over the last decade," said Sonnenshein in a statement. "Thecryptoasset class is at an important inflection point and this is the right moment for a smooth transition. I wish the Grayscale team every success in its next chapter."

In 2022, Grayscale launched a lawsuit against the SEC, after regulators turned down its bid to convert the investment vehicle into an exchange-traded fund. Last year, the court sided with Grayscale in that suit, saying the SEC was wrong to deny the firm permission to convert the trust.

The decision was a landmark victory for the crypto industry, paving the way for the approval of several new bitcoin ETFs at the beginning of this year, including those from investment giants BlackRock and Fidelity.

Grayscale CEO Michael Sonnenshein steps down, Goldman exec to take his place (2024)

FAQs

Grayscale CEO Michael Sonnenshein steps down, Goldman exec to take his place? ›

Michael Sonnenshein, CEO of crypto asset manager Grayscale Investments, has resigned “to pursue other interests,” the firm said Monday. Goldman Sachs executive Peter Mintzberg will take over as CEO in August. Grayscale's Chief Financial Officer Edward McGee will lead the company in the interim.

Why did Grayscale CEO step down? ›

He stepped down to pursue other interests, the company said. The move was first reported by the Wall Street Journal. Under Sonnenshein's tenure as CEO, Grayscale won a historic battle against the SEC, which paved the way for the approval of the first spot-Bitcoin ETFs.

Who is the new CEO of Grayscale? ›

Peter Mintzberg is the new CEO of Grayscale Investments.

With deep knowledge across a broad base of client types and asset classes, Mintzberg has over two decades of experience developing and executing strategy and innovating to drive growth.

Who is the founder of Grayscale Investments? ›

Barry Silbert - Founder and CEO of Grayscale Investments and Digital Currency Group | CoinMarketCap.

Who is the managing director of Grayscale? ›

Rayhaneh Sharif-Askary is the Managing Director, Head of Product and Research at Grayscale Investments. She is responsible for ensuring Grayscale's products are compliant, cutting edge, and exceed market demands.

Why did Jeff Weiner step down? ›

“I didn't take this role to change the company. I took it because I couldn't believe more in what we're doing,” Roslansky told WIRED. Weiner, for his part, somehow explained his departure as the result of too much love for his current job. “It just felt like the right time.

Who is Greyscale? ›

Grayscale is a leading crypto asset manager. We transform disruptive technologies of the future into investment opportunities today.

Who is the founder of greyscale? ›

Grayscale was founded in 2017 by Ty Abernethy & Hubert Liu, with the goal of making the hiring process more human and efficient for high-volume hiring teams.

Who is the new CEO of GREY advertising? ›

In July 2022, Grey Group named Laura Maness the agency's global CEO, who previously worked at Havas.

Who is the CEO of we buy black? ›

Tune in to our IG Live tomorrow at 1 pm to hear from Shareef Abdul-Malik, CEO of We Buy Black, the largest online marketplace for Black-owned businesses. It's also a full-service agency offering business solutions from branding to marketing.

Does BlackRock own Grayscale? ›

BlackRock's aggressive acquisition of Bitcoin and Grayscale substantial outflows highlight the fluid nature of market dynamics.

Who are the largest shareholders of Grayscale? ›

Top Shareholders
Holder# of SharesValue
Morgan Stanley Variable Insurance Fund Inc.297,12414,027,224
David Costen Haley233,18711,008,758
Paul B. Thompson74,5223,518,184
Colin Cox41,0381,937,404
6 more rows

Does Grayscale actually own Bitcoin? ›

Grayscale Bitcoin Trust (GBTC) holds 222,086.4 BTC as of Sept. 15, 2024.(1).

Why did Grayscale CEO resign? ›

He is moving on “to pursue other interests,” according to the statement released by the firm. “It has been an honor and a privilege to work alongside such smart, passionate people to grow Grayscale into an industry titan over the last decade,” said Sonnenshein in a statement.

Did Grayscale CEO Michael Sonnenshein step down as firm's Bitcoin ETF bleeds assets? ›

Grayscale CEO Michael Sonnenshein steps down as firm's bitcoin ETF bleeds assets. Grayscale Investments has named a new chief executive as Michael Sonnenshein stepped down after helping to pave the way for spot bitcoin exchange-traded funds that are now posing hot competition for the firm.

Who is the lead singer of greyscale? ›

Grayscale is an American rock band from Philadelphia, Pennsylvania. Formed in 2011, the group currently features lead vocalist Collin Walsh, lead guitarist and backup vocalist Andrew Kyne, rhythm guitarist and backup vocalist Dallas Molster and drummer Nick Veno.

Who is the new CEO of Grays? ›

Mark Bayliss is the CEO & Executive Director at Grays eCommerce Group .

Who is the CEO of GREY stone? ›

Greystone has appointed First Republic Bank (FRCB)'s Hafize Gaye Erkan as its new chief executive officer, with responsibilities commencing in September. Erkan will report to Steve Rosenberg, who will continue to serve as the executive chairman of the board.

Who is the new CEO of Slate Digital? ›

John Bastianelli appointed as Slate Digital CEO.

Who is the CEO of Gray Television? ›

"Content, communities, and culture define Gray Media," explained Gray Executive Chairman and CEO Hilton H. Howell, Jr. "The hallmark of our business is delivering unbiased news and information, supporting our local communities, and fostering strong culture everywhere we operate.

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