Dec 26, 2023 - Business

DCG's Barry Silbert, Mark Murphy step down from Grayscale board

Crystal Kim

Barry Silbert photo — Barry Silbert. Photo: Joe Buglewicz/Bloomberg via Getty Images.

Digital Currency Group CEO Barry Silbert on Tuesday resigned from the board of subsidiary Grayscale Investment, as did DCG president Mark Murphy.

Why it matters: Grayscale and around a dozen other applicants are racing to finalize applications for spot bitcoin ETFs, after the SEC reportedly instructed them to submit any changes before year-end.

Details: Mark Shifke, DCG's chief financial officer, will succeed Silbert as chairman effective Jan. 1, according to a Grayscale disclosure.

Matt Kummell, senior vice president of operations at DCG, and Grayscale CFO Edward McGee will join the board.
No reason was given for Silbert's and Murphy's resignations.

Zoom in: Silbert built a vast crypto business as an early bitcoin investor and influential industry leader.

But his empire has taken a number of big hits, including the bankruptcy of trading arm Genesis Global.
Silbert and DCG also were sued in October by the NY Attorney General's office for civil fraud.
The suit seeks to "to permanently enjoin Defendants from engaging in any business related to the issuance, distribution, exchange, promotion, advertisement, negotiation, purchase, investment advice, or sale of securities or commodities" in the state.

Go deeper: How crypto billions evaporate

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DCG's Barry Silbert, Mark Murphy step down from Grayscale board

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