On Monday, Grayscale announced the transition in its top leadership. Michael Sonnenshein, the CEO, has stepped down from his position to pursue other interests. This, in turn, has paved the path for Peter Mintzberg to take up reigns at the digital asset management company. Mintzberg is currently the Head of Strategy for assets and wealth manager Goldman Sachs. He has previously been associated with other industry giants like BlackRock, OppenheimerFunds, Invesco, and McKinsey.
Barry Silbert, the founder and CEO of Digital Currency Group [the parent company of Grayscale], underlined that Mintzberg’s experience and expertise would come in handy as Grayscale tries to position itself for its next phase of growth.
In a released statement, Mintzberg said,
“This is an exciting time in Grayscale’s history as it continues to capitalize on the unprecedented momentum in the asset class.”
Mintzberg will assume control in mid-August. Meanwhile, Grayscale’s CFO, Edward McGee, will be taking charge of the firm in the capacity of Principal Executive Officer.
Under Sonnenshein’s leadership, Grayscale’s AUM grew from $60 million to $30 billion. Alongside, the company also successfully weathered the SEC’s legal storm and emerged victorious, which ultimately instigated the conversion of the company’s flagship product - GBTC - to an ETF.
Grayscale Clinches ‘Unusual’ Record
Crypto-related investment products have now registered inflows for the second consecutive week, with thelatest number hovering around $932 million. Regionally, the US had the upper hand. It individually accounted for $1,002 million worth of inflows. Amid this, Grayscale went on to clinch a record. CoinShares’ latest weekly report noted,
“Unusually, Grayscale which has suffered $16.6 billion of outflows since the January ETF launch, also saw minor inflows for the first time totalling $18 million.”
Asset-wise, inflows into Bitcoin accounted for the lion’s share. A bunch of altcoins, including Solana and Chainlink, also registered inflows worth $4.9 million and $3.7 million respectively.
