Barry Silbert has made a significant return to Grayscale Investments as chairman, just weeks after the asset management company filed confidentially for an initial public offering (IPO) in the United States. Silbert, the founder of Grayscale in 2013, succeeds Mark Shifke, who will remain on the board as the company prepares for its transition to becoming a publicly traded entity. This leadership change aligns with Grayscale’s initiative to introduce independent directors to enhance its governance structure.
In a strategic effort to strengthen its executive team, Grayscale has appointed four professionals with extensive experience in traditional finance (TradFi). The company announced on Monday that Diana Zhang will serve as Chief Operating Officer, Ramona Boston as Chief Marketing Officer, Andrea Williams as Chief Communications Officer, and Maxwell Rosenthal as Chief Human Resources Officer. These executives, who come from notable firms such as Bridgewater, Apollo, Goldman Sachs, and Citadel, will report directly to CEO Peter Mintzberg, who has led the company since last year. Mintzberg remarked that this combination of institutional expertise and entrepreneurial spirit enhances Grayscale’s operations and allows the firm to provide innovative investment strategies with the integrity expected from a trusted partner.
Silbert’s return arrives at a crucial moment for Grayscale, following a challenging phase characterized by regulatory scrutiny. He had previously stepped down as chairman in late 2023, shortly before the US Securities and Exchange Commission (SEC) ruled on spot Bitcoin ETFs, including Grayscale’s long-standing initiative to convert its Bitcoin Trust (GBTC) into an ETF. Concurrently, Silbert’s parent company, Digital Currency Group (DCG), faced legal issues from New York’s attorney general concerning the collapse of crypto lending platform Genesis and its ties to the Gemini Earn program, in which Silbert was named in the lawsuit.
In his statement regarding his return, Silbert expressed excitement about rejoining Grayscale and reiterated his confidence in the company’s trajectory and leadership. He stated, "When I founded Grayscale in 2013, we identified a significant opportunity to create a new model for accessing and investing in digital assets, along with building the operational infrastructure that investors would ultimately seek. Today, I maintain a strong belief in the company’s long-term positioning and the leadership team steering it forward."
Currently, Grayscale manages over $35 billion in various crypto investment products, including spot Bitcoin and Ethereum ETFs, as well as diversified digital asset funds. Earlier this year, DCG reached a $38 million settlement with the SEC over allegations of misleading investors through its subsidiary, Genesis Global Capital. This settlement adds to the regulatory challenges faced by DCG, as New York Attorney General Letitia James has also filed a lawsuit against Gemini, Genesis, and DCG regarding a crypto lending program, accusing them of defrauding more than 29,000 New Yorkers while concealing losses of $1.1 billion.
