Grayscale Investments on Monday announced that Michael Sonnenshein will step down as CEO, effective Aug. 15, later this year.
Former Goldman Sachs (NYSE:GS) executive Peter Mintzberg will take over the role.
Benzinga has reached out to Sonnenshein for a comment.
Grayscale's Chief Financial Officer, Edward McGee, will serve as the interim principal executive officer until Mintzberg's official start date, according to the company.
Mintzberg served as the Global Head of Strategy for Asset and Wealth Management at Goldman Sachs.
His previous roles include strategic positions at BlackRock (NYSE:BLK), OppenheimerFunds and Invesco.
Mintzberg's background includes strategy development, mergers and acquisitions, and investor relations, providing him with a well-rounded perspective on asset management.
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"Peter is an exceptional strategic leader with global expertise across the most prominent asset managers," said Barry Silbert, Founder and CEO of Digital Currency Group (DCG). "I'm excited to see what he accomplishes at Grayscale in its next chapter."
Sonnenshein's tenure at Grayscale, which began in 2014, saw the firm's assets under management grow from $60 million to nearly $30 billion and Grayscale achieved a court victory against the SEC, enabling the firm to list the first spot Bitcoin ETF (CRYPTO: GBTC) on NYSE Arca.
"It has been an honor and a privilege to grow Grayscale into an industry titan over the last decade," Sonnenshein said.
Mintzberg expressed his enthusiasm about joining Grayscale, stating, "I've long admired Grayscale's position as the leading crypto asset management firm. This is an exciting time in Grayscale's history as it continues to capitalize on the unprecedented momentum in the asset class."
The firm has launched nineteen crypto investment products over the last decade, providing diversified and thematic exposure to the asset class.
This leadership change comes at a pivotal time for the cryptocurrency industry, which continues to evolve and expand.
What's Next: The upcoming Benzinga Future of Digital Assets event on Nov. 19 will likely provide further insights into such industry shifts and their broader implications.
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