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Barry Silbert steps down as head of Grayscale Investments

Grayscale Investments, which manages over $ 25 billion worth of cryptocurrency funds, announced a change in leadership. The new CEO of the company was Michael Sonnenschein, who served as Managing Director.

He succeeds Grayscale founder Barry Silbert, who will continue as CEO of the parent company, Digital Currency Group (DCG).

Sonnenschein joined Grayscale in 2014 as Account Manager and later was appointed Director of Sales and Business Development. He held this position until his appointment as Managing Director in January 2018. Prior to joining Grayscale, he worked for JPMorgan, Barclays and Bank of America.

According to the press release, the new CEO will shape the company’s strategy, scale Grayscale’s business “by investing in staff and operational capabilities, and empowering investors to access digital currency as an asset class.”

In 2021, the company expects to double its workforce and launch several new products. Now the most popular among investors is the Grayscale Bitcoin Trust with assets worth over $ 21 billion.

Note that the fourth DCG subsidiary in 2019 was the Foundry mining company. After that, the largest manufacturer of ASIC miners, Bitmain, announced the expansion of partnership with her.

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