Digital asset manager Grayscale Investments has named Michael Sonnenshein, currently the firm’s managing director, as CEO.
- Sonnenshein has been with Grayscale for seven years and will now take over the CEO role from Grayscale’s founder, Barry Silbert, according to an announcement Thursday.
- Prior to his time at Grayscale, Sonnenshein held roles at JPMorgan, Barclays and Bank of America.
- Grayscale's assets under management has grown from $2 billion at the start of 2020 to over $20 billion today, making it one of the fastest-growing asset managers of all time, said Silbert.
- Silbert will continue as CEO of Grayscale’s parent company, Digital Currency Group, the parent company of CoinDesk.
- As CEO, Sonnenshein is expected to guide Grayscale's strategic direction and help scale the business.
- As part of that effort, the company expects to double its staff in 2021, as well as roll out new investment products.