The world’s largest crypto asset manager, the crypto giant Grayscale Investments, is witnessing the departure of CEO Micheal Sonnenshien. He is passing down the torch to Peter Mintzberg, who is currently the global head of strategy for asset and wealth management at Goldman Sachs. Michael Sonnenshien has been working with Grayscale for a decade now. Michael Sonnenshein Joined Grayscale in 2014 and became Grayscale’s CEO in 2021. In the last ten years, he has been the driving force behind Grayscale’s growth and helped turn it into the world’s largest crypto asset manager.
The news came in on May 20th when Michael turned to X
Michael Sonnenshein vs SEC
Michael has been a leading figure in the crypto industry, especially after the big win at Washington. Well, this certainly has been a long time coming. Grayscale was among many firms whose application to convert its spot Bitcoin Trust into an ETF was rejected last year, and the SEC also rejected applications submitted by Fidelity Investments, Invesco, and Kathie Wood Ark Invest ( CEO- Kathie Wood). Grayscale sued the SEC (the U.S. Securities and Exchange Commission) after the regulatory agency rejected its application to convert its flagship Grayscale Bitcoin Trust product to an exchange-traded fund (ETF). SEC believes there aren’t enough resources to detect fraud and manipulation as Bitcoin is vulnerable. The case was moved to court, and the court sided with the Grayscale to make it a historic win.
Michael Sonnenshien on ETF Approval (Interview with the CNBC Television)
Michael called the SEC’s actions “Arbitrary and Capricious” in a “Squawk Box exclusive” interview with CNBC television.
Upon asking him how he feels about the win
The Host: I want to ask you, broadly, did you celebrate last night? What is going on here?
Michael Sonnenshien: The last couple of hours have just been a complete blur. When we got that phone call yesterday that our 19b-4 (19b-4 form is a document filed with the SEC by national securities exchanges) had been approved, it was almost an out-of-body experience.”
Grayscale Welcomes Peter and Bid Farewell to Michael!
Grayscale also posted on May 20th on X about the departure of Michael and joining of Peter Mintzberg.
Grayscale further wrote:
“Mintzberg succeeds Michael Sonnenshein, who has stepped down from the position to pursue other interests. In the intervening period, Grayscale’s Chief Financial Officer Edward McGee will assume the role of principal executive officer with responsibility for leading the firm.”
The company thanked Michael for all his work and wished him good fortunes:
“We would like to thank Sonnenshein for his 10 years at Grayscale.
Over the last decade, we launched a suite of 19 crypto investment products, focused on investor education, advanced the crypto industry, and grew our business.
We wish him all the best in his future endeavors.”
In the second post he wrote:
“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.”
What Jennifer Rosenthal Has to Say?
Jennifer Rosenthal, the vice president of communications and public affairs at Grayscale, also dedicated a post to Michael by writing:
“As you know, I’m the biggest proponent of multiple truths, but one truth reigns superior here: Grayscale would not be what it is today without your leadership. Working with you has been the opportunity of a lifetime, and I am so grateful.
LFG! Cannot wait to see what’s next.”
Stay Tuned
The reason behind Michael’s resignation has not been disclosed yet. Michael said everything he has achieved at the Grayscale has been a culmination of 10 years of work. This leadership change is coming at a very significant time. We can only hope the company will thrive under Mintzberg’s leadership. As for the former CEO, what’s going to be next for him? Well, that remains to be seen. Stay tuned to the Crypto Casino Box for updates on more relevant topics.
