According to Blockworks, Michael Sonnenshein has resigned from his position as CEO of Grayscale Investments. The news was initially reported by The Wall Street Journal, and later confirmed by a Grayscale spokesperson. Peter Mintzberg, a former Goldman Sachs executive, is set to replace Sonnenshein in August.
Barry Silbert, CEO of Digital Currency Group, praised Mintzberg's strategic leadership and global expertise, stating that these qualities are crucial for Grayscale's future growth. Mintzberg has previously served as the head of strategy for the asset management division at Goldman Sachs and has also worked at BlackRock and Invesco.
This leadership change coincides with an anticipated decision on the ether ETF application. Grayscale had filed to convert its ether trust into an ETF last year, but analysts predict that the SEC will reject the ether ETFs later this week. Earlier this month, Grayscale withdrew its ether futures ET application.
Sonnenshein, during a Financial Times event, reportedly stated that the firm intends to concentrate on its spot products. This decision comes as Grayscale's bitcoin ETF continues to experience outflows. GBTC, approved in January, has the highest fee among spot bitcoin ETFs at 1.5%. Despite this, the firm recorded inflows of $18 million last week, as per a CoinShares report.