Cryptocurrency investment firm Grayscale Investments, the operator of the Grayscale Bitcoin Trust, has announced the board resignations of prominent executives.
Barry Silbert, founder and CEO of Digital Currency Group (DCG) — the parent company of Grayscale — is resigning from Grayscale’s board of directors, the firm officially announced on Dec. 26 in its 8-K filing with the United States Securities and Exchange Commission.
According to the filing, DCG president Mark Murphy has also announced his resignation from the Grayscale board. Both resignations are effective Jan. 1, 2024, with new members Mark Shifke, Matthew Kummell and Edward McGee joining the board.
“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 reads.
Grayscale is one of 14 firms that have filed with the SEC for a spot Bitcoin (BTC) exchange-traded fund (ETF) and has been actively engaged in discussions with the regulator regarding the Grayscale Bitcoin Trust. One of the largest crypto investment firms in the world, Grayscale has been working hard to launch its spot Bitcoin ETF, winning a lawsuit against the SEC for Bitcoin ETF review in August 2023.
It remains to be seen what the latest board changes could imply for Grayscale. Some online commenters have linked the resignations to the possible approval of Grayscale’s spot Bitcoin ETF.
Related: SEC sets deadline for spot Bitcoin ETF updates on Dec. 29
“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 wrote on X (formerly Twitter).
BREAKING:
— Bitgrow Lab⚡️ (@Bitgrow_Lab) December 26, 2023
Barry Silbert resigns from the board of Grayscale Investments LLC.
Sign of a #Bitcoin ETF? pic.twitter.com/9np08TCNNS
According to Grayscale’s 8-K filing, the company’s new chairman, Shifke, is a 64-year-old financial expert with a significant background in finance and banking. He is currently the chief financial officer of DCG. Before joining DCG, Shifke served as CFO of the cloud-based solutions firm Billtrust and as CFO of Green Dot, a mobile banking platform. He also led teams at JPMorgan Chase and Goldman Sachs, specializing in mergers and acquisitions and advisory and tax asset investments.