According to an announcement by Grayscale, Michael Sonnenshein has stepped down from his role as CEO effective today.

Sonnenshein joined the Grayscale team in 2014 and has served as the company’s CEO since 2021.

Peter Mintzberg, currently the Global Head of Strategy for Asset and Wealth Management at Goldman Sachs, will be the new CEO of Grayscale. Until Mintzberg assumes his role on August 15, Grayscale’s CFO Edward McGee will serve as interim CEO.

Mintzberg has an impressive background, having worked at BlackRock, OppenheimerFunds, and Invesco before joining Goldman Sachs.

Grayscale, which manages the Grayscale Bitcoin Trust ETF in the United States, offers investment vehicles for more than 10 altcoins. The company oversees assets totaling approximately $30 billion.

The post CEO of Crypto Giant Resigns, Successor Announced! appeared first on Coin Engineer.

Last Tuesday, Grayscale, which received much attention for its Bitcoin spot ETF sales and recently attracted investments in this fund for the first time, withdrew its Ether futures ETF application. CEO Michael Sonnenshein clarified the matter.

Speaking at a conference hosted by the Financial Times in London, Sonnenshein said they would focus on spot products and stated:

“We withdrew our Ether futures ETF application because we’ll focus on spot products for now. We want to channel our energy in this direction. In fact, it’s in our DNA. One reason for the withdrawal is the presence of similar products in the market… Sometimes you apply for a product, but that doesn’t necessarily mean it will enter the market.”

“I’m optimistic about the SEC’s decision”

Responding to questions about Ethereum spot ETFs, Grayscale’s CEO stated, “The Grayscale Ethereum Fund is already a company that has made the necessary notifications to the SEC… We have always been a transparent company that works with regulators to bring crypto forward. I don’t know what they think about Ethereum ETFs, but I believe the SEC will do what’s right for investors. I’m optimistic about that.”

The post Grayscale CEO Explains Withdrawal of Ether Futures ETF Application appeared first on Coin Engineer.

Cboe Exchange Inc., BOX Exchange LLC, MIAX International Securities Exchange LLC, Nasdaq ISE, LLC, and NYSE American LLC had filed applications with the SEC to allow options trading on spot Bitcoin ETFs in the U.S.

The SEC has delayed its decision on the applications and opened up a comment period for public feedback. The SEC is seeking feedback on issues such as whether options on spot Bitcoin ETFs should be subject to the same position limits as options on stocks, and whether the available supply in the markets for Bitcoin should be considered in setting position limits for options on Bitcoin ETFs.

The SEC had received some comments on the products in recent months, with some arguing that they would allow investors to better manage their risk.

The SEC approved spot Bitcoin ETFs in January. Grayscale CEO Michael Sonnenshein said that the next step should be to approve options as well:

“It’s logical that the next step, given the approval of spot Bitcoin ETPs to trade on NYSE Arca under the 19b-4 Rule, would be to approve options on spot Bitcoin ETPs.”

The post SEC Delays Decision on Bitcoin Options Trading Again appeared first on Coin Engineer.

The depletion of Bitcoin holdings in the Grayscale Bitcoin ETF (GBTC) shows no signs of stopping, with outflows continuing to increase. On Friday, April 12, GBTC outflows soared past $166 million, resulting in over 2,500 Bitcoin being removed from the fund’s holdings.

GBTC Outflows Surpass $16 Billion

According to data from Farside Investors, GBTC outflows have now exceeded a remarkable $16.2 billion since the launch of the Bitcoin ETF earlier this year in January. Throughout April, daily outflows from GBTC have been volatile, ranging from lows of $75 million to highs of $300 million. Meanwhile, inflows into Bitcoin ETFs overall have been subdued, indicating declining investor participation.

In contrast, outflows from GBTC this week have reached a staggering $767 million. Consequently, overall flows into Bitcoin ETFs this week have been negative, with GBTC significantly impacting the trend.

On the other hand, BlackRock has remained steadfast, with assets under management for the IBIT Bitcoin ETF surpassing $15 billion. As a result, BlackRock has substantially narrowed the gap in Bitcoin reserves with Grayscale. It’s highly likely that the majority of GBTC outflows have been directed towards BlackRock.

Are Outflows Truly Reaching an ‘Equilibrium’?

Earlier this week, Grayscale CEO Michael Sonnenshein suggested that outflows from the Grayscale Bitcoin Trust (GBTC) could be stabilizing after a prolonged period of investor selling. While his remarks conveyed optimism, current data indicates otherwise.

One of the primary reasons for significant GBTC outflows has been the high management fee charged by the fund. Despite losing flows to competitors, Sonnenshein has been hesitant to reduce the fees.

Sonnenshein noted that over time, products undergo a maturation process, leading to market consolidation as investors allocate funds to select products. “That means fees also come down over time. We’ll reduce fees on GBTC, and that also means that we’re kind of at the end of that first inning of that first wave of adoption,” he said.

The post GBTC Outflows Surge Past $16 Billion, Defying CEO’s ‘Equilibrium’ Remark appeared first on Coin Engineer.