Michael Sonnenshein, the CEO of Grayscale, the world's largest Bitcoin ETF, has resigned from his position, as per a company announcement on Monday. Peter Mintzberg, currently serving as the global head of strategy at Goldman Sachs' Wealth Management Division, will succeed him. Mintzberg will assume his new role on August 15, 2024, and will concurrently join the company's Board of Directors. In the interim, Edward McGee, Grayscale's Chief Financial Officer, will act as the firm's leader.

Barry Silbert, the founder and CEO of Digital Currency Group (DCG), Grayscale's parent company, expressed gratitude to Sonnenshein for his leadership and tenure since joining the team in 2014 and serving as CEO since 2021. Sonnenshein, in turn, thanked Silbert for their partnership over the past decade and expressed excitement for the future.

Sonnenshein's departure follows Grayscale's recent approval to convert into a spot Bitcoin ETF, a milestone achieved after years of legal battles against federal regulators. Despite initially having a liquidity advantage, Grayscale's assets under management have been nearly surpassed by BlackRock's fund. The company's decision to maintain an annual management fee of 1.5% drove investors towards competitors' cheaper products. Grayscale experienced a continuous streak of daily net outflows, with Bitcoin held by the fund decreasing by over 50%. Bloomberg ETF analyst Eric Balchunas expressed curiosity about the circumstances surrounding Sonnenshein's departure, noting that Grayscale was beginning to see inflows again.