Grayscale appointed Goldman Sachs as its new CEO
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Grayscale Investments is stepping down as CEO of Michael Sonnenschein after more than a decade with the crypto asset management firm. Grayscale has appointed Peter Mintzberg, currently head of global asset and wealth management strategy at Goldman Sachs Asset Management.
Prior to his role at Goldman Sachs, Mintzberg held global leadership roles in strategy, mergers and acquisitions, and investor relations at BlackRock, Invesco and Oppenheimer Funds. Mintzberg will officially start as Greyscale's new CEO on August 15.
According to the Wall Street Journal, the board of Greyscale and parent company Digital Currency Group has begun searching for a new CEO by the end of 2023, although the search is unrelated to GBTC's performance or exit.
“The crypto asset class is at an important inflection point and this smooth transition is the right time,” said Sonnenschein.
During his tenure as CEO of Grayscale Investments, Sonnenschein has seen significant growth and transformation for the company. Under his leadership, Greyscale's assets under management grew from $60 million to $30 billion.
It was during Sonnenshein's leadership that Grayscale won a historic legal case against the SEC, paving the way for the approval of the Bitcoin ETF space earlier in January.
Sonnenshein also led the Grayscale Bitcoin Trust to accumulate an impressive 624,000 BTC before successfully leading the trust in January 2023 by transitioning to a spot Bitcoin ETF. However, after his resignation, the trust's Bitcoin holdings decreased to 290,000 BTC.
Despite this decrease, the dollar value of the trust's assets fell to only $9.6 billion, largely due to the increase in the price of Bitcoin from $46,000 to $67,000 during this period. The decline in Bitcoin holdings resulted in a roughly $144 million annual reduction in management fees for Greyscale, which charges a 1.5% fee on the Bitcoin ETF.
The company currently has approximately $19.4 billion in assets under management and is expected to generate $290 million in annual fees. Earlier this month, the firm canceled its application for the Ethereum Futures ETF.
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