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Grayscale Names New CEO

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To my team, and Grayscale’s investors, partners, and friends,

 

I am honored to be writing to you today as CEO of Grayscale Investments.

 

The creation of an entirely new asset class is what many would call a once-in-a-generation event, and in the case of digital currencies, I have been incredibly fortunate to have experienced not only their emergence, but also to be leading the firm trailblazing their introduction to investors.

 

I started my career at Grayscale as an Account Executive over seven years ago, relinquishing a path in traditional financial services to join Barry, who shared with me a vision for Grayscale that remains as clear and ambitious now as it did then. At the time, Grayscale sponsored one investment fund and managed $60 million in AUM. Today, we offer a family of 10 investment products and, with over $20 billion under management, we are the world’s largest digital currency asset manager. As we lead the industry in product offerings, we are also striving to make this asset class more accessible by working with financial regulators to achieve greater clarity and recognition for our products. Along the way, we’ve assembled a world-class team of individuals from some of the most established and reputable institutions in finance who have come together to build something completely new.

 

As a subsidiary of Digital Currency Group, we’re able to leverage a unique network and set of resources to help us solve the challenges of exponential growth while preserving our promise of quality and trust for our clients. The global investment community today recognizes Grayscale as the premiere provider of digital currency investment products, and in turn, we are a leading indicator for the growth of digital currency investments as a whole. This was never more clear than in 2020, when we saw many of the world’s largest institutions and most influential investors allocating to the asset class for the very first time, and doing so through Grayscale.

 

As CEO, my focus for Grayscale remains unchanged — to be the first, and the best. We’ll grow without diluting our institutional grade products and infrastructure, we’ll continue to marry traditional asset management services with novel products, we’ll meet the demands of our clients while anticipating their investment needs, ensuring that we’re a step ahead in providing them with new opportunities.

 

We’ll do all of this by adhering to three core principles — investing in people, in technology, and in our brand.

 

Our people are at the heart and soul of our business, and as we grow, it is paramount that we preserve Grayscale’s culture of integrity, transparency, and collaboration. Our people are deeply rooted in finance, passionate about this asset class, and devoted to growing Grayscale and each other.

 

Our technology allows us to continue expanding access to the digital currency asset class for investors everywhere. It ensures that our funds are the most accessible, secure, and compliant, and that our investors are reassured of their experience at Grayscale, in terms of both our products and our processes.

 

Our brand should reflect not just our commitment to providing investors access to digital currencies, but also the underlying philosophy of what digital currencies represent — a better, more inclusive, and more equitable financial system.

 

There is a responsibility that comes with being first — we’re laying an important foundation, whether it’s helping shape complex regulatory frameworks or simply an investor’s perception of our industry. It’s our duty to ensure that the precedents we set are not only beneficial to Grayscale, but to the digital currency ecosystem as a whole. At Grayscale, we take this responsibility very seriously, and will continue to dedicate resources and work with industry stakeholders to further develop this market together.

The vision Barry shared with me when I first started here was that digital currencies would one day be a bona fide asset class, and that Grayscale would be the steward on this journey for investors everywhere. Today, we’ve realized this vision and are setting our sights on the next phase of growth. If 2020 was the year crypto came of age, showcasing its resiliency and staying power, then we’re at the beginning of true and sustained growth. Grayscale has never been better positioned for this next phase, and I have never been more excited to lead this company. I look forward to continuing our mission of providing access to this asset class, and to making digital currency investing synonymous with Grayscale.

 

My door is always open.

Michael Sonnenshein

CEO, Grayscale Investments

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