Barry Silbert, the chairman of Grayscale Investments, has tendered his resignation, with Mark Shifke set to take over the helm. Grayscale, currently awaiting approval from the Securities and Exchange Commission (SEC) to transform its Bitcoin Trust (GBTC) into a U.S. spot exchange-traded fund (ETF), made this announcement via an SEC filing, a report by Bloomberg said.
Mark Shifke, the Chief Financial Officer (CFO) of Digital Currency Group (DCG), the parent company of Grayscale Investments, will officially assume the role of chairman on January 1. The company did not provide specific reasons for Silbert’s departure. Additionally, Mark Murphy, the President of DCG, has also resigned from the board.
This development occurs amidst ongoing delays in the SEC’s decision-making process regarding various ETF applications, including those submitted by Grayscale, BlackRock, Ark 21Shares, Vaneck, and Hashdex. With the January 10 deadline for the Ark 21Shares application approaching, the regulatory body is under pressure to render a verdict.
It’s worth noting that Barry Silbert’s Digital Currency Group (DCG) faced legal action in October, when New York Attorney General Letitia James sued the company, alleging that it defrauded over 230,000 investors, including more than 29,000 New Yorkers, of more than $1 billion. The suit also accused Silbert of attempting to conceal significant losses. Both DCG and Silbert vehemently denied these allegations.
In response to the recent changes in leadership, Matt Kummell, Senior Vice President of Operations at DCG, and Edward McGee, Grayscale’s CFO, will join the board. A spokeswoman for Grayscale commented, “Aligned with Grayscale’s commitment to responsible growth, we are pleased to welcome Mark Shifke, Matt Kummell, and Edward McGee to Grayscale’s board of directors. Grayscale and our investors will benefit from their respective experiences in the financial services and asset management industries as we prepare for Grayscale’s next chapter.”
Investors and industry observers are closely monitoring these developments as Grayscale continues its pursuit of ETF approval and navigates the legal challenges facing its parent company, DCG.
