Barry Silbert, the Chairman of Grayscale, has resigned, according to a filing with the U.S. Securities and Exchange Commission (SEC). Alongside Silbert, another executive, Mark Murphy, stepped down from the board as of January 1. The filing revealed three new board members: Mark Shifke, the former CFO of Digital Currency Group (DCG), which is Grayscale's parent company, will take over as the new chairman.
Matthew Kummel, DCG's Senior Vice President of Operations, and Grayscale CFO Edward McGee also join the board. The reasons for the resignations and appointments were not specified. These changes come amid industry optimism for the approval of exchange-traded funds (ETFs) investing in spot Bitcoin. Grayscale, in particular, has filed to convert its Bitcoin trust into a spot BTC ETF, a move still awaiting SEC decision. The SEC is set to accept or deny 13 ETF applicants in early January 2024, including those from ARK 21Shares and BlackRock.
Additionally, entities have filed for Ethereum-based investment vehicles, potentially signaling increased acceptance of cryptocurrencies in traditional financial markets. While some, like BitMEX, predict significant inflows with ETF approval, others, including JPMorgan, anticipate more moderate activity. The specific reasons behind Silbert's departure remain undisclosed.