Grayscale, one of the leading companies in the cryptocurrency industry, has announced its new CEO. Barry Silbert, founder and CEO of Digital Currency Group, was succeeded by Michael Sonnenshein. Cryptocurrency investment management company Grayscale continues to increase assets under its management. Company’s BTC investment product holds more than 3% of the total supply.
Grayscale announced its new CEO in a press release yesterday. Company’s new CEO was announced as Michael Sonnenshein. Sonnenshein, who held the positions of Account Manager and general manager for 3 years at Grayscale, became the name of Grayscale’s management seat instead of Barry Silbert, the founder of Digital Currency Group. Grayscale, which had $ 2 billion under management at the beginning of 2020, has more than $ 27 billion in cryptocurrency funds today with a total of 10 products.
Grayscale AUM value exceeds $ 27 billion
In a statement, Grayscale announced the total value of assets under management (AUM) at $ 27.4 billion. On January 7, the company held $ 23 billion in its BTC investment product, the Grayscale Bitcon Trust. The company holds more than 3% of the total BTC supply with more than 605 thousand bitcoins under its management.
Company has $ 3.5 billion worth of Ethereum (ETH), $ 197 million worth of Litecoin (LTC), $ 108 million worth of Bitcoin Cash (BCH) under its management.
Company wants to double its staff by 2021
In addition to the reshuffle, statement also announced some of the strategies firm will pursue in 2021. Grayscale plans to double its headcount by 2021. In addition, launching multiple new products is also among the goals.
Barry Silbert stated that Grayscale was a pioneer in bringing digital currencies to the mainstream level. In handing over the post to Michael Sonnenshein, Sibert stated:
“When Michael joined the company 7 years ago, there was a single product and $ 60 million in assets under management. Today, investors from around the world have access to 10 products, and the company manages more than $ 20 billion in assets. If it wasn’t for Michael’s relentless passion for our business and his goal to bring digital money to a wider base, we wouldn’t have achieved it”
CEO Sonnenshein, in his statement, listed the characteristics that set Grayscale apart from others. CEO stressed that these qualities are professionalism, honesty and ambition.