Grayscale CEO Michael Sonnenshein Steps Down, Goldman Sachs Exec to Lead Firm

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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May 19, 2024

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Grayscale CEO Michael Sonnenshein is stepping down from the firm after joining the team in 2014 and serving as CEO since 2021. Sonnenshein will be replaced by former Goldman Sachs executive Peter Mintzberg on August 15.

Grayscale said Sonnenshein has “stepped down from the position to pursue other interests,” and Mintzberg will officially become CEO of the investment firm and join Grayscale’s board of directors.

What Does the New Grayscale CEO Bring to the Table?

Digital Currency Group CEO Barry Silbert said on X that Grayscale is positioning itself for its next growth phase.

1/ As we position @Grayscale for its next phase of growth, excited to welcome Peter Mintzberg as Grayscale’s CEO, effective August 15. Joining from Goldman Sachs, Peter has 20+ years of experience across prominent asset managers, including BlackRock, OppenheimerFunds & Invesco…

— Barry Silbert (@BarrySilbert) May 20, 2024

Silbert thanked former Grayscale CEO Sonnenshein, adding he guided the firm through exponential growth and oversaw its key role in bringing spot Bitcoin exchange-traded funds (ETFs) to market, leading the way for the broader financial industry.

“Peter is an exceptional strategic leader with global expertise across the most prominent asset managers, which are critical ingredients as we position Grayscale for its next phase of growth,” said Silbert.

Prior to joining Grayscale, Mintzberg worked at Goldman Sachs, where he currently holds the position of global head of strategy for asset and wealth management. He also worked at BlackRock, OppenheimerFunds, and Invesco.

Grayscale Sees Non-Stop Outflows

Grayscale’s revenues were flat

in the first quarter of this year despite nonstop outflows from its world-famous fund throughout the quarter.

In a shareholder letter from Grayscale’s parent company, Digital Currency Group, the Grayscale Bitcoin Trust (GBTC) netted $156 million between January and March – nearly identical to its Q4 2023 figure.

There has been a slowdown in outflows since the first quarter. Grayscale, which has experienced significant outflows of $16.6 billion since the launch of the ETF in January, saw minor inflows totaling $18 million for the first time.