Barry Silbert Steps Down as Chairman of Grayscale Investments, Mark Shifke Named as Replacement

Grayscale Investments, the company that applied to convert its Bitcoin Trust (GBTC) into a U.S. spot exchange-traded fund (ETF), has announced that Barry Silbert has resigned as chairman. Mark Shifke, the chief financial officer of Digital Currency Group (DCG), will take over as chairman effective January 1st, according to a filing with the Securities and Exchange Commission (SEC). The reason for Silbert’s resignation was not specified.

Grayscale also revealed that Mark Murphy, president of DCG, has resigned from the board. The changes come as Grayscale’s application for a Bitcoin ETF is being considered by the SEC. Several ETF applications, including those of Grayscale, BlackRock, Ark 21Shares, Vaneck, and Hashdex, have been delayed by the SEC, leading applicants to file amended documentation as the year-end deadline approaches. The SEC must make a decision on Ark 21Shares by January 10th.

It is worth noting that Silbert’s DCG, which owns Grayscale, was sued by the New York Attorney General Letitia James in October. The lawsuit alleges that DCG defrauded more than 230,000 investors, including 29,000 New Yorkers, out of over $1 billion. James also accused Silbert of attempting to hide significant losses. Both DCG and Silbert have denied the allegations.

In response to the leadership changes, Grayscale spokeswoman commented, “Aligned with Grayscale’s commitment to responsible growth, we are pleased to welcome Mark Shifke, Matt Kummell, and Edward McGee to Grayscale’s board of directors. Grayscale and our investors will benefit from their respective experiences in the financial services and asset management industries as we prepare for Grayscale’s next chapter.”

In an update, it was clarified that the allegations made against DCG and Silbert were rejected by the parties involved. Additionally, the update highlighted the SEC’s delay, amended filings, and the approaching approval deadline for Ark 21Shares. Another update mentioned the appointment of new board members and included a statement from Grayscale regarding their trust in the expertise of these new additions.

For more details about the changes at Grayscale and the ongoing developments in the ETF space, please refer to the article [here](