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Michael Sonnenshein Out as Grayscale CEO

The Crypto ETF giant gets a new leader.
David C David C May 20, 20241 min read
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Michael Sonnenshein Out as Grayscale CEO

According to a company statement, Michael Sonnenshein, CEO of Grayscale Investments, has resigned to "pursue other interests."

What's the scoop?

  • Investor Outflows: Following the statement, Grayscale's spot bitcoin fund GBTC has experienced significant investor outflows, though it is unclear if Sonnenshein's departure prompted this.
  • New CEO: Peter Mintzberg will take over as CEO on August 15 and join Grayscale's board of directors. Mintzberg previously held the Global Head of Strategy for Asset and Wealth Management position at Goldman Sachs.

Bankless Take:

In the era of BTC ETFs, Grayscale has made its name known as the hub for outflows, with a 72-day outflow streak. As May marked the first month where their GBTC fund saw inflows, the significance of this changing of the guards is heightened. Since 2022, Grayscale has navigated uncertain waters with its GBTC fund trading at a significant discount for some time starting in 2022, and the fund suing the SEC after the agency initially denied its GBTC spot ETF application. These challenges may now be coming to a close, with Sonnenshein’s departure marking the end of this period and the start of a new chapter for Grayscale. While only time will truly tell, GBTC flows over the coming months will provide insight into where the company is headed.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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