# Michael Sonnenshein Out as Grayscale CEO

*Author: David Christopher*
*Published: May 20, 2024*
*Source: https://www.bankless.com/grayscale-ceo-steps-down*

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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](https://www.theblock.co/post/295380/grayscale-ceo-michael-sonnenshein-departs-role-former-goldman-sachs-exec-to-step-in) 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](https://x.com/EricBalchunas/status/1792544549807567218) 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](https://www.reuters.com/business/finance/whats-stake-grayscales-spot-bitcoin-etf-case-against-sec-2023-08-29/) 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.

> They were just beginning to see inflows again too! Curious the story behind this.— Eric Balchunas (@EricBalchunas) [May 20, 2024](https://twitter.com/EricBalchunas/status/1792544549807567218?ref_src=twsrc%5Etfw)
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