TLDR
- Barry Silbert returns as Grayscale’s chairman after stepping down in 2023 amid legal issues
- Four Wall Street veterans join Grayscale’s executive team from firms like Bridgewater and Goldman Sachs
- Grayscale manages over $35 billion in assets across four crypto ETFs
- Despite losing market share, GBTC’s higher 1.5% fee generates more revenue than competing Bitcoin ETFs
- Grayscale filed for an IPO last month while facing an ongoing lawsuit from the NY Attorney General
Grayscale Investments has announced a major leadership overhaul, reappointing founder Barry Silbert as chairman of the board while adding four financial industry veterans to key executive roles. The changes come as the company works to maintain its edge in the competitive crypto ETF market.
Silbert returns to the chairman position after stepping down in December 2023 amid legal pressure from New York state regulators. The New York Attorney General’s office had filed a lawsuit accusing Silbert and parent company Digital Currency Group (DCG) of misleading investors and hiding financial losses exceeding $1 billion.
Both Silbert and DCG denied these claims, and the case continues in New York state court. During his absence, DCG’s chief financial officer Mark Shifke served as chairman but will now remain as a board member.
“I’m honored to rejoin the Grayscale board at a defining moment for both the company and the broader digital asset ecosystem,” Silbert said in a statement.
“When I founded Grayscale in 2013, we saw an enormous opportunity to pioneer a new model for accessing and investing in digital assets.”
The leadership expansion includes four new C-suite hires from traditional finance powerhouses. Diana Zhang joins 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 bring experience from major Wall Street firms including Bridgewater, Apollo, Goldman Sachs, and Citadel. All four will report directly to Grayscale CEO Peter Mintzberg.
Market Position and Competition
Grayscale currently manages over $35 billion in assets across four crypto ETFs, including its converted spot Bitcoin and Ethereum products. The company, founded in 2013, launched the first publicly traded Bitcoin investment vehicle in the US through Grayscale Bitcoin Trust (GBTC), which began trading on OTC Markets in 2015.
While Grayscale pioneered Bitcoin investment products in the US, it now faces intense competition from traditional finance giants. Newer entrants like BlackRock and Fidelity have quickly gained market share with their lower-fee spot Bitcoin ETFs.
Despite seeing over $21 billion in outflows and its market share falling to about 5% of the US spot Bitcoin ETF market, Grayscale’s GBTC still generates more revenue than any competing Bitcoin ETF. The product earns $268.5 million annually, largely due to its 1.5% fee—up to six times higher than competitors like BlackRock’s IBIT or Fidelity’s FBTC.
Industry-Wide Trend
The move to bring in traditional finance talent isn’t unique to Grayscale. Several crypto companies are recruiting Wall Street veterans as they prepare for broader mainstream adoption.
Kraken recently strengthened its leadership team with hires from traditional finance, including Gilles BianRosa from neobank N26 and Marcus Hughes, who has experience at Morgan Stanley and Coinbase.
Similarly, Galaxy Digital has tapped into traditional finance talent pools, hiring Tony Paquette, former chief financial officer at hedge fund Point72 and ex-JPMorgan executive. The firm also secured a UK derivatives trading license in early 2025 and expanded its London presence.
Grayscale’s leadership changes and Wall Street hires come as the company positions itself for potential public markets access. The company filed a confidential submission for an initial public offering last month, despite the ongoing legal dispute with New York regulators.
Silbert’s return and the new executive appointments signal Grayscale’s intention to strengthen its institutional focus as competition in the crypto ETF space intensifies.
The post Grayscale Hires Wall Street Veterans as Founder Silbert Reclaims Chairman Role appeared first on Blockonomi.
Source: https://blockonomi.com/grayscale-hires-wall-street-veterans-as-founder-silbert-reclaims-chairman-role/