GBTC has been in crisis mode and needed to do something soon or die.

Today, Grayscale announced, “Michael Sonnenshein … has stepped down from the position to pursue other interests.”

The graphs show why!

Losing 50%+ of your fund in 90 trading days is not something you see often.

Sonnenshein miscalculated the market’s willingness to tolerate high mgt fees; their (est.) monthly mgt. fee has plummeted even though Bitcoin has massively appreciated.

They were the ones to fight the battle with SEC and pay all the legal fees, only to lose business afterwards.

The new CEO is Peter Mintzberg, effective August 15, 2024

Interestingly, Sonnenshein will not even stay in the company for the transition period. They had to hire someone else for the interim. This is not how you depart when you are on friendly terms.

The press release: https://globenewswire.com/en/news-release/2024/05/20/2884901/0/en/Grayscale-Investments-Announces-CEO-Transition.html

WSJ Article: https://wsj.com/finance/grayscale-ceo-michael-sonnenshein-steps-down-bc0680dc