Grayscale has named veteran executive Peter Mintzberg as its new CEO. With Bitcoin spot ETFs enjoying meteoric success, the move reflects the company’s ambitions to rival BlackRock, the world’s largest asset manager.
Experienced Executive Peter Mintzberg Takes Reins at Grayscale
Recent Q2 financial results from publicly traded companies revealed that some of the largest financial institutions in the United States have purchased several hundred million dollars in spot Bitcoin ETFs, including Goldman Sachs with $420 million, and Morgan Stanley with $185 million.
These announcements and the volumes of these ETFs exceeding $17 billion in net inflows since their launch in January 2024, make the issuers of these new financial products companies that are seeing the number of new customers and the value of their assets under management grow very quickly.
📈 To go further – Everything you need to know about Bitcoin spot ETFs
In order to build a team capable of meeting the challenges of this new market, Grayscale has selected an experienced executive to serve as its new Chief Executive Officer: Peter Mintzberg.
On this occasion, Mintzberg created his X account and published his first messageexpressing his excitement for the future of Grayscale and cryptocurrencies:
I am incredibly proud to be joining the team as @Grayscale's new CEO. Crypto is one of the fastest growing categories in Asset Management, and I look forward to collaborating with the Grayscale team to build on the company's success and deliver for our clients. https://t.co/l3BIVYCgFo
— Peter Mintzberg (@PeterMintzberg) August 15, 2024
“I am extremely proud to join the team as Grayscale’s new CEO. Cryptocurrencies are one of the fastest growing categories in asset management, and I look forward to collaborating with the Grayscale team to further the success of the company and deliver the best to our clients.”
While the name Peter Mintzberg may not be familiar to you, he has nearly 20 years of experience working at some of the most influential firms in traditional finance:
- Peter held the position of Director of Operations and Strategic Development, then Chief Operating Officer (COO) and then Head of Strategy for Latin America and Iberia. between 2006 and 2013 at BlackRock, the world's largest asset manager ;
- He then spent 7 years at OppenheimerFunds, a $260 million asset manager, where he rose from Head of Strategy and Development to Global Head of Corporate Strategy until 2020;
- Prior to joining Grayscale, he was Global Head of Strategy at Goldman Sachs, the 5th largest bank in the United States.
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The rivalry between Grayscale and BlackRock
Since launching its Bitcoin spot ETFs in January, Grayscale has not had the best of times. Due to speculation surrounding the discounting of its Trusts before converting to spot ETFs, Grayscale’s products have seen massive outflows.
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Indeed, before the launch of the Grayscale Bitcoin Mini Trust (BTC), Grayscale Bitcoin Trust (GBTC) lost $10 billion, or about 357,000 BTC, representing a 43% drop in its assets under managementrelegating GBTC to the rank of 2nd spot Bitcoin ETF on the market.
During this time, BlackRock's iShares Bitcoin Trust (IBIT) quickly took the top spot, now managing 345,000 BTC, or $20.5 billion..
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Source: LinkedIn, The Block
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First attracted by the lure of gain, I am now trapped deep into the rabbit hole. With no way out, I have no choice but to share my knowledge and transmit the passion I have for the blockchain universe. I am also the creator of Adopt a Block, an educational site dedicated to Bitcoin.
Marius Farashi Tasooji
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