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- 1 Barry Silbert stepped down from his position as chairman of Grayscale Investment.
- 2 The founder of Digital Currency Group (DCG) has a net of $3.2 Billion as per the Forbes Billionaires ranking.
- 3 Mark Shifke took over the position after Silbert’s resignation.
As per recent information, Barry Silbert, the founder of Digital Currency Group (DCG), has resigned as chairman of Grayscale Investment. Mark Shifke is the new chairman.
Barry is known for his contribution to the crypto industry and is also ranked among the billionaires of the crypto sector, with $3.2 Billion in net revenue.
As per Grayscale’s filing with U.S Securities and Exchange Commission (SEC), the beginning of 2024 will be led by Mark Shifke, Matthew Kummel, and Edward McGee.
However, the board of members also includes Michael Sonnenshein, although the president of DCG Group has departed alongside Barry Silbert.
An unknown source related to Grayscale states that “Grayscale and our investors will benefit from their respective experiences in the financial services and asset management industries as we prepare for Grayscale next chapter.”
The change in the board of members was followed by the dismissal of its spot ETF conversion by the U.S. SEC. However, recent information states that Grayscale reapplied for the conversion in spot ETFs.
DCG and its insolvent company, Genesis Global, resolved a court battle over $627 Million in outstanding debts last month. The parties renegotiated, agreeing on a modified repayment schedule with upfront and monthly installments to pay off the debt by April 1st.
Some crypto market experts believe Silbert’s resignation may enhance Grayscale’s prospects of successfully transforming its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF presently awaiting SEC approval.
Aside from Silbert’s retirement, according to Bloomberg ETF senior analyst Eric Balchunas, the most remarkable aspect of the updated S-3 filing was that Grayscale had “finally given in” to the cash-generating strategy.
Other Major Resignations in the Crypto Sector
In November, the founder of Binance resigned from his position following allegations of money laundering and abiding by the rules of the national finance system.
In 2022, Sam Bankman Fried and his fellow employees resigned from their concerned positions after the unprecedented collapse of FTX. In the same year, Do Kwon, the mastermind behind the Terra collapse, was arrested in Montenegro.
Crypto Market Performance
The beginning of 2023 was relatively slow for the crypto sector, but during the last quarters of 2023, it started shining; however, the pioneer of crypto sectors, Bitcoin, recently crossed the mark of $44, and at the time of writing, it was trading at $43,017. Moreover, other tokens and coins, such as Ethereum and Solana, have also shown significant improvement in terms of price.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
