Digital Currency Group (DCG) CEO Barry Silbert has resigned from his position as chairman of the board of directors at Grayscale Investments.
Silbert’s departure comes at a critical time for Grayscale as it seeks approval from the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).
According to an 8-K filing with the SEC, DCG's current chief financial officer, Mark Shifke, will succeed Barry Hilbert as the new chairman of the board on January 1, 2024. Matthew Kummell and Edward McGee were also appointed to the board.
Grayscale's Legal Woes
The news of Silbert’s resignation has sparked speculation about the future of Grayscale and its parent company DCG, with some analysts seeing the move as an attempt to demonstrate good governance and “best behavior” to regulators in anticipation of the long-awaited Bitcoin ETF decision being approved.
Grayscale has come under scrutiny in recent months over legal issues surrounding the lending unit of DCG-owned Genesis Global Capital.
The resignations of Silbert and DCG President Mark Murphy from Grayscale’s board may be seen as a fresh start for new leadership.
With over $20 billion in assets under management, Grayscale remains a significant player in the crypto industry.
The company’s Bitcoin Trust (GBTC) is also a very popular investment vehicle for institutional investors seeking exposure to Bitcoin.
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