Grayscale Executives Quit Board of Directors
27 Dec, 2023 ● Crypto people
Prominent executives have announced their resignations from the board of directors of the cryptocurrency investment firm Grayscale Investments, which runs the Grayscale Bitcoin Trust.
Grayscale's parent company, Digital Currency Group (DCG), announced on December 26 that Barry Silbert, the company's founder and CEO, is leaving the board of directors. The announcement was made in the company's 8-K filing with the U.S. Securities and Exchange Commission (SEC).
The document also states that Mark Murphy, president of DCG, has tendered his resignation from the Grayscale board. Effective January 1, 2024, both resignations take effect, and Mark Shifke, Matthew Kummell, and Edward McGee become new board members.
“Effective January 1, 2024, the board consists of Mr. Shifke, Mr. Kummell, Michael Sonnenshein, and Mr. McGee, who also retain the authority granted to them as officers under the limited liability company agreement of the sponsor,” the announcement states.
As one of the fourteen companies that have submitted an application to the SEC for a spot Bitcoin (BTC) exchange-traded fund (ETF), Grayscale has been in active communication with the agency about the Grayscale Bitcoin Trust.
Having prevailed in a lawsuit against the SEC for a review of Bitcoin ETFs in August 2023, Grayscale, one of the biggest cryptocurrency investment firms globally, has been putting a lot of effort into launching its spot Bitcoin ETF.
What Grayscale might be affected by given the board modifications is still unknown. Online commenters have speculated that Grayscale's spot Bitcoin ETF approval could be related to the resignations.
“I guess BTC ETF is a done deal now. However I have to say, SEC is busy stuffing crypto industry with ex Goldman guys,” one industry observer stated on X.
Shifke, the company's new chairman, is a 64-year-old financial expert with a substantial background in banking and finance, according to Grayscale's 8-K filing. He is DCG's chief financial officer at the moment.
Shifke was the chief financial officer of Green Dot, a mobile banking platform, and Billtrust, a provider of cloud-based solutions, prior to joining DCG.
Along with leading teams at JPMorgan Chase and Goldman Sachs, he was an expert in advisory, tax asset investments, and mergers and acquisitions.
Sources:
https://cointelegraph.com/news/grayscale-barry-silbert-resigns-board
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001588489/000095017023072820/gbtc-20231226.htm
