Bitcoin giant Grayscale CEO Michael Sonnenshein resigned. The CEO will be replaced by Goldman Sachs executive Peter Mintzberg, effective August 15. Mintzberg will also join Grayscale’s Board of Directors. Until then, Grayscale’s Chief Financial Officer (CFO) Edward McGee will lead the company as chief executive officer.
The person who led the Bitcoin giant to the spot Bitcoin ETF resigned!
Grayscale CEO Michael Sonnenshein has resigned. Sonnenshein joined Bitcoin giant Grayscale in 2014 and became CEO in 2021. He took the firm from $60 million to nearly $30 billion in assets under management. He also achieved a historic court victory against the SEC. cryptokoin.comAs you follow from , it enabled Grayscale to list its first spot Bitcoin ETF on NYSE Arca. Evaluating his tenure, Sonnenshein said:
It has been an honor to work with such smart and passionate people to make Grayscale a giant in the industry. I wish the team success in their future work.
Goldman Sachs executive to become new CEO
Meanwhile, Goldman Sachs executive Peter Mintzberg will take the seat vacated by Michael Sonnenshein. Peter Mintzberg has over 20 years of experience with leading asset managers. Barry Silbert, founder and CEO of Digital Currency Group (Grayscale’s parent company), praised Mintzberg’s leadership skills. In this context, Silbert made the following statement:
Peter is an outstanding strategic leader with global expertise among the most prominent asset managers, critical components in positioning Grayscale for its next phase of growth.
The new CEO expressed his satisfaction with the appointment
Peter Mintzberg currently works as Head of Global Strategy for Asset and Wealth Management at Goldman Sachs. He has also held leadership roles at BlackRock, OppenheimerFunds and Invesco, focusing on Strategy, M&A and Investor Relations. He started his career at McKinsey & Co. Mintzberg started at the company, where he worked in financial services and technology fields. Mintzberg expressed his satisfaction with his appointment with the following statements:
I have long admired Grayscale’s position as a leading crypto asset management firm and am honored to join the most talented and pioneering team in the industry. We are in an exciting time in Grayscale’s history as it continues to benefit from unprecedented momentum in the asset class.
Are Bitcoin ETFs “orange poker chips”?
Despite the promise of bringing more baby boomers to Bitcoin, spot Bitcoin ETFs are likely to reduce on-chain liquidity, according to Jim Bianco, founder of macro research firm Bianco Research. In this context, Bianco says:
Pulling money into the off-chain Tradfi world in the form of an orange FOMO poker chip will not take digital assets to the promised land of a new decentralized financial system. On the contrary, it will get in the way of this goal.
According to Bianco, if ETFs continue to drive on-chain liquidity back into the world of traditional finance (TradFi), it is unlikely that Bitcoin will become a decentralized alternative to the legacy financial system. In this regard, Bianco said, “If the goal is to develop a new financial system, an ETF that drags money back into the Tradfi world does not reach this promised land.” says.
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