Barry Silbert and Mark Murphy resign from Grayscale's board

Barry Silbert, the founder and CEO of Digital Currency Group, and Mark Murphy, the president of DCG, have resigned from the board of directors at Grayscale Investments.

Their resignations will take effect on Jan. 1, 2024, according to a filing submitted on Tuesday by Grayscale Bitcoin Trust with the Securities and Exchange Commission. The SEC is currently reviewing G BTC -3.18% 's application for its conversion into a spot bitcoin exchange-traded fund.

DCG is the parent company of Grayscale.

Silbert , who served as the chairman of Grayscale's board, will be succeeded by Mark Shifke, 64, the chief financial officer of DCG. Other new members of Grayscale's board include Matt Kummell, 47, senior vice president of operations at DCG, and Edward McGee, 40, the chief financial officer of Grayscale, according to the filing.

Grayscale's board now comprises Shifke, Kummell, McGee, and Michael Sonnenshein, the CEO of the company. The filing didn't specify reasons for the changes.

Spot bitcoin ETFs

This leadership shift at Grayscale coincides with the crypto asset manager's efforts to try and secure SEC approval for the conversion of GBTC into a spot bitcoin ETF. Sonnenshein recently expressed optimism about the discussions Grayscale has had with the SEC regarding the potential approval of a spot bitcoin ETF.

Several firms, including BlackRock and Fidelity, have submitted applications for spot bitcoin ETFs amid growing optimism in the market that the U.S. will finally approve ETFs that can directly invest in bitcoin.