Grayscale documents reveal board reshuffle, with Barry Silbert set to step down next year

Digital Money Group (DCG) CFO Mark Shifke will succeed Barry Silbert as chairman next year, Grayscale said.

Grayscale’s key figures, including Chairman Barry Silbert and Mark Murphy, president of its parent company, Digital Money Group (DCG), will resign from the board effective January 1, 2024, according to a Dec. 26 filing with the American SEC (SEC).

Digital Money Group CFO Mark Schiffer will succeed Silbert as chairman on January 1 next year, and will be joined by other directors Matthew Kummell and Edward McGee.

“The new board of directors includes Mr. Shifke, Mr. Kummell, Mr. Michael Sonnenshein and Mr. McGee, who also retain the authority conferred on them by the agreement as a limited liability company,” Grayscale wrote in the filing. ”

SEC filings do not explain why the company decided to make the changes.

Grayscale is one of the world’s largest Crypto Assets asset managers, with more than $34 billion worth of assets under management.

Grayscale is best known for its Bitcoin Trust (GBTC) and is currently applying to convert it into a Spot Exchange Traded Fund (ETF). The company scored a key victory in August against the US SEC in court, which ruled that the financial regulator acted “arbitrarily and arbitrarily” in trying to convert the trust into an ETF before rejecting it.

Meanwhile, the investment firm is the world’s second-largest Bitcoin entity, with nearly 620,000 Bitcoin units worth more than $27 billion.

However, according to Coinglass data, its Bitcoin trust is currently trading below the underlying asset at a 5.63% discount.