Michael Sonnenshein Replaces Barry Silbert as CEO of Grayscale, Silbert to Remain in Charge of Digital Currency Group

Michael Sonnenshein, Managing Director of Grayscale Investments, will take over as CEO of the digital asset firm. Barry Silbert, founder of Grayscale, will step down as CEO but remain CEO of the parent company Digital Currency Group.

In a release, Silbert commented on the change in leadership:

“Grayscale has been at the vanguard of bringing digital currencies to the mainstream, and I could not be more proud of the results the team has achieved since the firm was founded. When Michael joined the firm seven years ago, we had one product and $60 million in assets under management. Today, investors from around the world can access 10 products, and the firm is managing more than $20 billion in assets. That accomplishment would not have been possible without Michael’s unrelenting passion for our business and his commitment to making the digital currency asset class available to a broader base of investors.”

Silbert added that during Sonnenshein tenure he has assembled a “world-class team” while garnering capital allocations from big names in the investment community.

“I am excited for Grayscale’s continued expansion and evolution in the years ahead,” stated Silbert.

Sonnenshein called working at Grayscale as a once in a lifetime opportunity.

Grayscale predicts that it will double its staff in 2021, as well as roll out multiple new products. During the past year, AUM grew from $2 billion at the start of 2020 to a whopping $20 billion today.

Grayscale has crafted a series of funds that are available to retail investors on OTC Markets. By creating listed funds that incorporate digital assets like Bitcoin and Ethereum, Grayscale has offered a path for smaller investors to participate in the growing digital asset marketplace.  Recently, Bitcoin has rocketed in value trading at around $38,000 today. At the beginning of 2020, BTC traded at around $8000. Bitcoin remains one of the best assets in regards to performance for last year.

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