The leadership restructuring comes when the company exceeded an AUM of over $ 25 billion
The leading cryptocurrency investment firm announced yesterday that its founder, Barry Silbert, will no longer be the CEO. Silbert will instead focus on running Grayscale’s parent company, Digital Currency Group. The former managing director, Michael Sonnenshein, will succeed him as the company’s chief executive officer. His appointment as the next managing director was confirmed in a report from Coindesk, another subsidiary of the Digital Currency Group.
This is Sonnenshein’s eighth year with the company, a spell through which he has taken on various roles. His financial background has been instrumental in his rise up the ranks over the years. Sonnenshein previously worked as an analyst at Barclays and Bank of America, where his remarkable career began. He also briefly served as an associate at JP Morgan before moving to the world’s largest digital currency asset manager in 2014.
He was an accountant in his first year at the company before serving as a director for three years. Sonnenshein was promoted to managing director in early 2018 – a position he held until his appointment as CEO.
The outgoing Silbert spoke about the move and said: “Grayscale pioneered the introduction of digital currencies into the mainstream, and I couldn’t be more proud of the results the team has achieved since the company was founded. ”
He praised Sonnenshein for his efforts and commitment over the seven years he was with the company.
“When Michael joined the company seven years ago, we had a product under management and $ 60 million in assets. Today, investors from around the world have access to 10 products, and the company has more than $ 20 billion under management. This achievement would not have been possible without Michael’s relentless passion for our business and his commitment to bringing the digital currency asset class to a wider investor base. ”
The digital asset manager will try again this year to double its workforce and to bring new products to the market.
“Working at Grayscale for the past seven years has been a once in a lifetime opportunity. I am very grateful for the honor of serving as Chief Executive of the company and I thank Barry for his vision, guidance and support“, Claimed Sonnenshein.