Grayscale Investments, a leading cryptocurrency investment firm and operator of the Grayscale Bitcoin Trust, has announced significant changes to its board of directors.
Barry Silbert, the founder and CEO of Digital Currency Group (DCG) — Grayscale’s parent company — has decided to step down from Grayscale’s board. This development was officially disclosed in a Dec. 26 8-K filing with the United States Securities and Exchange Commission.
Alongside Silbert, DCG president Mark Murphy will also be leaving the Grayscale board. These resignations are set to take effect from January 1, 2024. In their place, Mark Shifke, Matthew Kummell, and Edward McGee will be joining the board.
The announcement detailed that starting January 1, 2024, the board will comprise Mr. Shifke, Mr. Kummell, Michael Sonnenshein, and Mr. McGee. These members will also maintain their existing authority as officers under the limited liability company agreement of the sponsor.
Grayscale, which is among the 14 entities that have applied with the SEC for a spot Bitcoin ETF, has been in active discussions with the regulator about its Grayscale Bitcoin Trust. As one of the world’s largest crypto investment firms, Grayscale has been vigorously pursuing the launch of its spot Bitcoin ETF, even winning a lawsuit in August 2023 for a review of its Bitcoin ETF by the SEC.
The impact of these board changes on Grayscale’s future, particularly regarding its spot Bitcoin ETF, remains to be seen. Some industry commentators speculate that these resignations might be linked to the potential approval of Grayscale’s spot Bitcoin ETF. An observer on X (formerly Twitter) suggested, “I guess BTC ETF is a done deal now. However, I have to say, SEC is busy stuffing the crypto industry with ex-Goldman guys.”
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