Barry Silbert makes a comeback to resume the role of Chairman of Grayscale, accelerating the company's IPO process

Digital Currency Group (DCG) founder Barry Silbert has been reappointed as chairman of its asset management subsidiary Grayscale after resigning several months ago following a lawsuit filed by the New York State regulator. This personnel change is seen as a key signal for Grayscale’s push towards an initial public offering (IPO), and also marks a comprehensive leadership overhaul.

Barry Silbert Returns to Lead, Major Management Reshuffle

Silbert’s return is not an isolated event. Grayscale also announced the addition of several senior executives, including a Chief Operating Officer, Chief Marketing Officer, Chief Communications Officer, and Chief Human Resources Officer. These new executives will report directly to CEO Peter Mintzberg. Silbert has handed over the chairmanship to interim appointee Mark Shifke (DCG CFO), who will continue to participate in corporate governance as a board member. This round of personnel adjustments reflects Grayscale’s important preparations for the IPO, aiming to enhance operational efficiency and market competitiveness.

From Trusts to ETFs, Product Line Fully Upgraded

During the period since Silbert’s departure, Grayscale has completed a significant product transformation. The company successfully converted its flagship Bitcoin Trust (GBTC) into an exchange-traded fund (ETF), followed by a similar conversion for its Ethereum product. Currently, Grayscale is advancing the issuance and conversion of multiple ETF products covering other mainstream cryptocurrencies, further expanding its product matrix in digital asset management.

IPO Application Submitted, Legal Proceedings Ongoing

As planned, Grayscale submitted a confidential IPO application to the U.S. Securities and Exchange Commission (SEC) in July 2025. Despite ongoing legal litigation from the New York State Attorney General’s Office (alleging that Barry Silbert and DCG misled investors and concealed over $1 billion in financial losses), Grayscale continues to move forward with its listing plans. Both Barry Silbert and DCG deny these allegations, and the case is currently being heard in a New York State court. Silbert stated that he is honored to be part of this “decisive moment for the company and the broader digital asset ecosystem,” and expressed confidence in Grayscale’s long-term prospects and leadership team.

This series of actions indicates that, despite regulatory pressures, Grayscale and Barry Silbert are actively advancing the company’s institutionalization and marketization process, with the IPO likely to mark a new phase in Grayscale’s development.