Opinion: Silbert's departure may increase the likelihood of Grayscale successfully converting GBTC into a spot Bitcoin ETF

Grayscale has submitted a revised S-3 file to the U.S. Securities and Exchange Commission (SEC). On the same day, Barry Silbert, CEO of its parent company Digital Money Group, announced his resignation from Grayscale's board. Ramah Luwalia, CEO of Lumida Wealth speculated that Silbert's resignation was likely voluntary in order to increase the chances of ETF approval, largely due to an ongoing SEC investigation into Silbert and DCG. Adam Cochran, partner at crypto venture capital firm Cinneamhain Ventures speculated that Silbert's decision to resign was "definitely an agreement" reached between Grayscale and the SEC before their conversion request was approved. The 8-K file submitted to the SEC on December 26 mentioned Silbert's departure; it announced that Mark Shifke, CFO of DCG will succeed Silbert as chairman of Grayscale’s board.