According to CoinDesk, Digital Currency Group (DCG) founder Barry Silbert has resumed his role as chairman of its subsidiary Grayscale. This personnel change coincides with the company’s preparations for an initial public offering (IPO) and management restructuring.
According to a press release, Grayscale has expanded its management team and board to support its next phase of growth. In addition to Silbert’s return, the new appointments include four senior executives with extensive experience in financial services, covering positions such as Chief Operating Officer, Chief Marketing Officer, Chief Public Relations Officer, and Chief Human Resources Officer.
Grayscale was founded by Barry Silbert in 2013 and is one of the oldest cryptocurrency investment companies in the industry. Silbert resigned from the chairman position in December 2023, when DCG was sued by the New York Attorney General’s office, accusing the company and Silbert of misleading investors and concealing over $1 billion in financial losses. Both Silbert and DCG deny all allegations, and the case is still under review in New York state court.
Despite the unresolved legal dispute with the New York Attorney General, Grayscale secretly submitted its IPO application last month.
In a statement, Silbert said:
Since Silbert’s resignation, Grayscale has successfully transformed its flagship products, the Bitcoin Trust (GBTC) and Ethereum Trust, into exchange-traded funds (ETFs), and is actively working on the listing and conversion of other cryptocurrency ETFs.