Grayscale Investments, one of the world’s largest crypto asset management firms, has appointed Peter Mintzberg as its new chief effective officer, effective August 15, 2024.

Mintzberg, a seasoned strategist with over twenty years in asset management, will also join Grayscale’s Board of Directors. 

Previously, Mintzberg held the position of global head of strategy for asset and wealth management at Goldman Sachs and has served in leadership roles at BlackRock, OppenheimerFunds, and Invesco. 

“I am honored to join the most talented and pioneering team in the business. This is an exciting time in Grayscale’s history as it continues to capitalize on the unprecedented momentum in the asset class,” he said.

This leadership change follows the departure of outgoing CEO Michael Sonnenshein. 

Sonnenshein, who has been with Grayscale since 2014 and served as CEO since 2021, oversaw the firm’s growth to approximately US$30 billion in assets under management.

“What we’ve achieved together is nothing short of remarkable,” he stated on X. “Grayscale Team, keep building.”

Barry Silbert, CEO of Digital Currency Group, Grayscale’s parent company, praised Mintzberg’s global strategic leadership as essential for the firm’s future success and is “excited to welcome [him] as Grayscale’s CEO”.

The firm recently withdrew its application for an Ethereum futures ETF and is awaiting an SEC decision on its spot Ether ETF application. 

Its spot Bitcoin ETF remains the largest, with US$19.37 billion in assets under management. 

However, since the Grayscale Bitcoin Trust was converted into a spot Bitcoin ETF in January, Grayscale has seen billions worth of withdrawals.

There has been much speculation as to when the firm will lose its top spot to BlackRock’s iShares Bitcoin Trust.

The appointment of Mintzberg comes at a time when the company’s strategic direction is paramount to its continued dominance in the cryptocurrency investment sector.