Michael Sonnenshein, CEO of the crypto asset manager Grayscale Investments, has stepped down from his position to "pursue other interests," according to a company release.

Though the exact reasons for Sonnenshein's departure remain unclear, Grayscale's spot bitcoin fund GBTC is seeing a large number of investors leaving, reports the Walls Street Journal.

Peter Mintzberg will serve as the firm's CEO starting on Aug. 15, 2024, and join Grayscale's board of directors.

Prior to joining Grayscale, Mintzberg held the Global Head of Strategy for Asset and Wealth Management position at investment banking firm Goldman Sachs, as well as other strategy-oriented roles at other major financial firms.

"As we position Grayscale for its next phase of growth, excited to welcome Peter Mintzberg as …