Barry Silbert resigns from Grayscale while company awaits decision on Bitcoin ETFs

grayscale departure

Barry Silbert has announced his resignation as CEO of Grayscale Investments, and his departure coincides with the upcoming SEC decision regarding Bitcoin-based ETFs. The decision certainly draws a new shape for the company’s future.

Unexpected decision

According to the company’s announcement on Tuesday, Silbert is leaving his position as CEO, and will be replaced by Mark Shifke, formerly CFO of Digital Currency Group (DCG), Grayscale’s parent company. Also joining the board with him are Matt Kummell and Edward McGee.

“Following Grayscale’s commitment to steady growth, we are pleased to have Mark Shifke, Matt Kummell and Edward McGee join Grayscale’s Board of Directors,” – said a company spokesperson. “Their experience in the financial services and asset management sectors will be invaluable in creating the next chapters of Grayscale’s history.”

However, the company declined to comment on the reasons for the resignation, which comes at a crucial time for the company. In the next two weeks, the SEC is expected to make a decision on applications for the first-ever Bitcoin ETFs, which could open the door for financial institutions to gain exposure to Bitcoin without having to directly own the cryptocurrency.

Approval of this application would be an extremely significant step in Grayscale’s history. Analysts estimate that the introduction of Bitcoin ETFs could shake up the cryptocurrency market, bringing in up to $1 trillion in institutional capital.

Grayscale in trouble

Such a decision by the SEC would give Grayscale a fresh start, especially after the difficult year experienced by its parent, DCG.

In previous months, DCG and Silbert found themselves in a legal dispute related to the bankruptcy of Genesis, a subsidiary of DCG. As a result, Gemini co-founders Cameron and Tyler Winklevoss accused Silbert of issues related to the security of client funds.

Despite these challenges, significant progress on loan repayment was announced in August, and the arrears agreement was described as a step toward fair compensation for creditors.

Recently, New York’s attorney general filed a lawsuit against the entire group – DCG, Genesis, Gemini, Silbert and former Genesis director Soichiro Moro – accusing them of allegedly defrauding the company of more than $1 billion.

Reasons for Silbert’s resignation

It is unclear whether Silbert’s resignation is due to DCG’s ongoing legal problems. Some analysts speculate that it could be a move to ease the way for a Bitcoin ETF from Grayscale, while others wonder if it could foreshadow a potential sale of Grayscale in the coming year.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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