Grayscale, a leading crypto asset manager, is undergoing a significant board reshuffle as it aims to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF. The company has announced the addition of Mark Shifke, Matt Kummell, and Edward McGee to its Board of Directors, aligning with its commitment to responsible growth. The reshuffle includes Barry Silbert stepping aside, which some believe could increase the likelihood of GBTC's conversion and a potential multi-month downturn in Bitcoin dominance. Speculation suggests that the SEC would not approve the trust conversion with Barry still on board, as they need 'clean' grifters, hinting that Bitcoin Spot ETFs approvals are very close. The resignations are seen as a signal of 'best behaviour' before the expected Bitcoin ETF nod. Despite these changes, Grayscale's market share and economic relationship with DCG are expected to remain unaffected, with predictions that Grayscale's profits in 2024 could reach 10% of Blackrock's, or potentially more if the market sees an upswing. This restructuring is thought to pave the way for GBTC's almost certain uplisting, with core longs remaining in storage and adding to the metaverse lean into the huge Xmas metaquest #s.
Crypto asset manager @Grayscale, the @DCGco-owned asset manager aiming to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF, is reshuffling its board, and two top DCG execs are leaving. @BrandyBetz reports https://t.co/oXfwUkw83K
Grayscale's profits in 2024 will be about 10% of Blackrock's, maybe more if we rip higher. The board resignations today don't change the economics to DCG or the market share of Grayscale. All they do is pave the way for GBTC's almost certain uplisting. Full send.
Grayscale board resignations signal show of ‘best behaviour’ before Bitcoin ETF nod https://t.co/Eyj0Aqxj47
Gbtc conversion would in my opinion precede multi month down move in BTCD Silbert stepping aside to clean the decks all things being equal increases likelihood of this Core longs remain storage and have been adding metaverse lean into huge Xmas metaquest #s
Would the SEC approve the Grayscale trust conversion with Barry still on board? No, Barry is not the grifter they can use, he is one of us to an extent, they need "clean" grifters. The Bitcoin Spot ETFs approvals are very close https://t.co/zSH4u3G6fY
“Aligned with Grayscale’s commitment to responsible growth, we are pleased to welcome Mark Shifke, Matt Kummell, and Edward McGee to Grayscale’s Board of Directors. Grayscale and our investors will benefit from their respective experiences in the financial services and asset…