Grayscale CEO Michael Sonnenshein Steps Down

Grayscale CEO Michael Sonnenshein has stepped down with Peter Mintzberg being appointed to succeed him starting on August 15, according to SEC filings.

Sonnenshein joined the company in 2014 as an account executive before climbing his way to become the CEO in 2021.

“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,” Sonnenshein said in a release. “I would like to thank Barry Silbert for his vision and partnership, and for entrusting me to lead Grayscale’s business. The crypto asset class is at an important inflection point and this is the right moment for a smooth transition.”

He later shared similar sentiments on Twitter, calling his time at the firm an "incredible rocket ship journey."

Grayscale has the largest Bitcoin exchange-traded fund (ETF) with $19.37 billion of assets under management.

But that title has been under threat, recently. Since GBTC was converted into a spot Bitcoin ETF in January, it's seen billions worth of withdrawals and there's been much speculation as to when—not if—it'll lose its top spot to BlackRock's iShares Bitcoin Trust (IBIT).

Just last week the firm filed to abandoned its plan to offer an ETF for Ethereum futures.

Sonnenshein’s replacement Mintzberg is the former global head of strategy at Goldman Sachs Asset and Wealth Management.

Prior to this position, he also worked at BlackRock for seven years as COO, head of strategy, and director, as well as another seven years in strategy at OppenheimerFunds. Mintzberg studied at Harvard and Stanford University.

Edited by Stacy Elliott.