- The Harvard alumnus had a stint at Goldman Sachs prior to joining the company.
- The GBTC spot Bitcoin ETF, which Grayscale offers, is seeing heavy withdrawals.
Peter Mintzberg has been named CEO of Grayscale Investments, an American asset management giant. Following Michael Sonnenshein’s departure as CEO, this hiring is seen as a watershed moment for the company. Sonnenshein oversaw the firm’s procurement of the spot Bitcoin ETF approval, and now Mintzberg is responsible for expanding the product.
Remarkably, the previous chief executive officer of the company stepped down around three months ago, but no one knows why. The new chief executive officer has been in the financial industry for a number of years and has a vast history. The Harvard alumnus had a stint at Goldman Sachs prior to joining the company.
He was the financial institution’s global head of strategy for almost four years. At BlackRock, Mintzberg served as both chief operating officer and head of strategy. The Digital Currency Group subsidiary, which has had tremendous difficulties in the highly competitive spot crypto market, may be able to finally succeed under his guidance.
Huge Task Ahead
The GBTC spot Bitcoin ETF, which Grayscale offers, is seeing heavy withdrawals. Compared to other spot Bitcoin ETFs, the outflows have been growing steadily over the last several months. Earlier this month, the Ethereum ETF’s outflow surpassed $2 billion, while the GBTC product’s outflow surpassed 19,548 BTC.
The company’s ETHE broke its 19-day outflow only recently. Because of this, Ether ETFs saw a big improvement. A possible change in investor sentiment was indicated by the fact that the ETF did not see any inflow or outflow on August 12. Many market watchers felt that GBTC’s outflows and drop in investor interest were caused in part by its exorbitant sponsor fee.
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