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Grayscale Investments has announced that Barry Silbert, the founder and CEO of Digital Currency Group (DCG), has stepped down from the board of directors.

According to details in an 8-K filing with the US Securities and Exchange Commission (SEC) on December 26, Silbert has resigned as the Chair of the Board of Directors. Also to step down is Mark Murphy, the DCG president. The resignations will take effect on January 1, 2024 as per the document.

Meanwhile, Grayscale has appointed new board members, with Mark Shifke, currently the DCG chief financial officer, taking over from Silbert as the new chair. The other new board members are Matthew Kummell and Edward McGee.

“Prior to joining DCG, Mr. Shifke served as CFO of Billtrust, a company focused on providing AR and cloud-based solutions around payments, and as CFO of Green Dot (NYSE: GDOT), a mobile banking company and payments platform,” the filing reads in part.

Shifke is a former JPMorgan Chase and Goldman Sachs executive and has also previously served as KPMG’s Head of International Structured Finance Group.

Silbert’s resignation comes as Grayscale Investments seeks SEC’s approval to convert its Bitcoin Trust (GBTC) to a spot Bitcoin ETF. The company previously won a case it filed against the regulator for rejecting its application. The legal loss forced the SEC to take a new approach to Bitcoin ETFs, and is likely to approve several in coming days.

While more details regarding the board resignations have not been shared, DCG is a major crypto player. Its crypto business includes being the parent company of Grayscale, Luno, Foundry and Genesis, the digital assets broker that filed for bankruptcy earlier this year.

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