Crypto billionaire Barry Silbert has just stepped down as the Chairman of the board of Grayscale. Here are more details about the important move that the mogul made.

Grayscale chairman of the board steps down

Barry Silbert, a billionaire and an early crypto entrepreneur, will be resigning from his position on the board of directors of crypto asset manager, Grayscale, on New Year’s Day in 2024.

Silbert is currently the head of Digital Currency Group (DGC), which is the parent company of Grayscale.

According to a new filing with the U.S. Securities and Exchange Commission (SEC), DGC’s Chief Financial Officer (CFO), Mark Shifke, will take over Silbert’s position as chairman of the board.

The filing also mentions that Shifke is a board member of Dock Ltd. and Luno. Prior to his role at DGC, Shifke worked at prominent financial institutions such as JPMorgan Chase, Goldman Sachs, and KPMG.

In a statement to Bloomberg, a spokeswoman for Grayscale stated the following:

“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.”

A follower made a good point, saying the fact that none of these institutions are gong to be holding the Bitcoin they sell. “Who’s going to enforce it? The SEC.”

Barry Silbert’s resignation as chairman of the board at Grayscale is a notable event.

The refiling of Grayscale’s Bitcoin ETF application indicates ongoing efforts to secure SEC approval, with expectations pointing toward a decision by January 10.

In the previous month, DCG and its bankrupt subsidiary, Genesis Global, resolved a legal disagreement over unpaid loans totaling $627 million.

The parties reached a new agreement, modifying the repayment schedule by including upfront and monthly payments, with the goal of settling the balance by April 1st.

Leave a Comment