(Bloomberg) — Grayscale Investments, the cryptocurrency-trust manager vying for US approval to convert the world’s biggest Bitcoin trust into an exchange-traded fund, said Barry Silbert has resigned as its chairman.
Most Read from Bloomberg
- S&P 500 Trades Within a Whisker of All-Time High: Markets Wrap
- Apple to Fight Watch Ban in Court After White House Declines to Act
- Goldman’s Painful 2023 Lesson on China Forces Rethink of Emerging Markets
- How Were So Many Economists So Wrong About the Recession?
- Students Fighting Antisemitism Use Legal Tool That Tests Power at US Colleges
Silbert is chief executive and founder of Grayscale parent Digital Currency Group, the sprawling crypto conglomerate that is embroiled in several ongoing disputes in the wake of the 2022 industry meltdown. DCG is the subject of lawsuits by US regulators over a lending program by its former unit Genesis Global Capital and Gemini Trust Co., the crypto exchange founded by the billionaire Winklevoss brothers, that froze customer assets last year.
Silbert, 47, will be succeeded by Mark Shifke, the chief financial officer of DCG. Mark Murphy, the president of DCG, has also resigned from the Grayscale board. Grayscale didn’t cite a reason for the board changes, which are effective Jan. 1, according to a filing with the US Securities and Exchange Commission.
The board shakeup comes ahead of a Jan. 10 deadline for the SEC to decide whether to green-light a spot Bitcoin ETF application filed by Cathie Wood’s ARK Investment Management LLC and 21Shares. The regulator could at that time also rule on other similar filings, including Grayscale’s GBTC conversion application.
Grayscale took the SEC to court after the agency rejected an earlier proposal to convert the trust and won a pivotal victory when an appeals court rejected the regulator’s ruling.
Matthew Kummell, senior vice president of operations at DCG, and Edward McGee, CFO of Grayscale, are also joining the board. Michael Sonnenshein, the Grayscale Chief Executive Officer, remains on the board.
Comments (0)