Barry Silbert Steps Down from Grayscale’s Board of Directors. Grayscale Investments, a company specializing in bitcoin investments, has had notable executives step down from their roles on the board immediately. This organization is in charge of the Grayscale Bitcoin Trust.
Grayscale announced formally on December 26 through its 8-K filing with the United States Securities and Exchange Commission (SEC) that Barry Silbert, the founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale, will be resigning from his position on the board of directors.
It is stated in the paper that DCG president Mark Murphy has also resigned from his position on the Grayscale board. In addition, he has left his work on the grayscale board. Barry Silbert Steps Because Mark Shifke, Matthew Kummell, and Edward McGee have been appointed to the board of directors, their resignations will become effective on January 1, 2024.
As stated in the announcement:
With effect from January 1, 2024, the board of directors comprises Mr. Shifke, Mr. Kummell, Michael Sonnenshein, and Mr. McGee. However, These individuals continue to exercise the authority provided to them as officers by the limited liability company agreement, which the sponsor established.
The SEC has been actively engaged in discussions with Grayscale over its Grayscale Bitcoin Trust. Grayscale is one of fourteen organizations that have submitted applications for a Bitcoin exchange-traded fund (ETF) position. Grayscale has been working hard to get ready to launch its spot Bitcoin ETF ever since its successful lawsuit against the SEC in August 2023, which was for an examination of Bitcoin exchange-traded funds.
As a possible explanation for the resignations, several cryptocurrency community members have pointed to the expected approval of Grayscale’s spot Bitcoin ETF as a possible rationale. However, Within its 8-K filing, Grayscale announced that the company had appointed Shifke, a financial specialist who is 64 years old and has substantial experience in banking and finance, to the position of chairman. Currently, he holds the post of chief financial officer of DCGlobal.