Michael Sonnenshein attends the 2022 Forbes Iconoclast Summit at the New-York Historical Society on November 3, 2022.
Arturo Holmes | Getty Images Entertainment | Getty Images
Grayscale Investments Chief Executive Michael Sonnenshein resigned on Monday, ending a decade-long reign as the leader of the largest crypto asset manager.
His successor will be Peter Mintzberg, global head of strategy for Goldman Sachs’ asset and wealth management division. The change is effective immediately.
Mintzberg, who previously held strategy, M&A and investor relations roles at BlackRock, OppenheimerFunds and Invesco, will take the helm on August 15.
Under Sonnenshein’s leadership, Grayscale is pushing the SEC to allow Bitcoin ETF. However, outflows from the Grayscale Bitcoin Trust (GBTC) have exceeded $17 billion since converting to an ETF in January, as the fund’s management fees are significantly higher than those of competitors, according to FactSet data.
Sonnenshein joined the company in 2014 and was promoted to CEO in 2021.
“It has been an honor to work with such smart, passionate people over the past decade to grow Grayscale into an industry giant,” Sonnenshein said in a statement. “The crypto asset class is at an important moment. At an inflection point, this is the perfect time for a smooth transition and I wish the Grayscale team every success in their next chapter.”
In 2022, Grayscale filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) after the regulator rejected Grayscale’s proposal to convert the investment vehicle into an exchange-traded fund. Last year, the court sided with Grayscale in that lawsuit, saying the SEC erred in denying the company permission to convert the trust.
The decision is a landmark victory for the cryptocurrency industry and paves the way for the approval of multiple new Bitcoin ETFs earlier this year, including those from investment giants BlackRock and Fidelity.
