Barry Silbert, the founder and CEO of Digital Currency Group (DCG), along with Mark Murphy, the president of DCG, are set to resign from the board of directors at Grayscale Investments.
The resignations, effective January 1, 2024, were disclosed in a filing submitted by Grayscale Bitcoin Trust to the Securities and Exchange Commission.
Grayscale, a subsidiary of DCG, is currently awaiting SEC approval for its conversion into a spot bitcoin exchange-traded fund.
The filing outlined that Mark Shifke, DCG’s Chief Financial Officer, will succeed Silbert as the new chairman of Grayscale’s board, with additional appointments to include Matt Kummell, Senior Vice President of Operations at DCG, and Edward McGee, Grayscale’s CFO.
The reasons for these changes were not specified in the filing. Meanwhile, the restructuring of the board precedes a crucial deadline on January 10, by which the SEC will make decisions on various spot Bitcoin ETF applications, including one from ARK Investment Management LLC and 21Shares, led by Cathie Wood.
The SEC may also address Grayscale’s GBTC conversion application during this period. Grayscale had previously contested the SEC’s rejection of its conversion proposal and secured a significant win when an appeal court overturned the regulator’s decision.
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