Barry Silbert

About Barry Silbert

Barry Silbert, 49, serves as Chairman of the Board of Grayscale’s sponsor governance entity (GSO Intermediate Holdings Corporation, “GSOIH”) since August 2025, and previously served as a director and chairman from February 2020 through December 2023; he is founder and CEO of Digital Currency Group (DCG) and holds a bachelor’s degree from Emory University’s Goizueta Business School . On August 4, 2025, the sponsor announced Silbert’s appointment as Director and Board Chairman, indicating potential expansion to include independent directors . Until January 2021, Silbert was CEO of the Sponsor; DCG owns the Sponsor and other crypto businesses (Foundry, Fortitude, Luno, Yuma), reflecting extensive industry leadership .

Past Roles

External Roles

Board Governance

• The Trust itself has no directors, officers, or employees; all management functions are delegated to and conducted by the Sponsor and its affiliates under the Trust Agreement .
• The Sponsor’s governance is exercised via GSOIH’s Board (Barry Silbert, Mark Shifke, Matthew Kummell, Peter Mintzberg, Edward McGee; later changes disclosed via 8-Ks); Barry Silbert is Chairman since August 2025 .
• Independence status: Silbert is not independent—he is DCG’s CEO, and DCG is the sole equity holder and indirect parent of the Sponsor; the Sponsor publicly stated it is considering adding independent directors to the Board .
• Committee structure: The Sponsor has an Audit Committee overseeing the Trust’s financial reporting, risks, and controls; individual committee memberships are not disclosed .
• Shareholder voting and engagement: A consent solicitation on September 25, 2025 approved amendments to the Trust Agreement (including alternative creation/redemption procedures, fee timing, omnibus accounts, and Sponsor amendment authority with notice), with high consent levels under the deemed-consent mechanism .

Shareholder Consent Outcomes (Sept–Oct 2025)

Related-Party Exposure and Conflicts

• DCG is the sole equity holder and indirect parent of the Sponsor and the indirect parent of Grayscale Securities, the sole Authorized Participant; creation baskets therefore are not exchanged in arm’s‑length transactions, and affiliated service providers receive fees .
• DCG holds minority interests (<1%) in trading platforms included in the Index Price (Kraken; previously Coinbase), and Coinbase is parent of the Custodian; these ties may present perceived conflicts (pricing/custody) impacting investor sentiment and share trading prices .
• The Sponsor and affiliates have limited fiduciary duties to the Trust other than as provided by the Trust Agreement; the Trust indemnifies the Sponsor and affiliates; the Sponsor can consider other parties’ interests when resolving conflicts if not acting in bad faith .
• Indemnification and secondary obligor: The Trust is primary obligor to indemnify the Trustee; if insufficient assets/improper refusal, the Sponsor/DCG must compensate as secondary obligor; Barry Silbert signed the Trust Agreement on behalf of DCG for Section 2.4 .

Expertise & Qualifications

• Pioneer in blockchain investing; founded DCG (2015) and led investments in 250+ companies across 40+ countries .
• Founded Yuma (2024), a decentralized AI-focused subsidiary investing in Bittensor; underscores emerging tech expertise .
• Prior founder/CEO of SecondMarket (acquired by Nasdaq) and earlier investment banking experience, indicating capital markets and transactional expertise .
• Recognition: E&Y and Crain’s Entrepreneur of the Year; Fortune 40 Under 40; Emory University (Goizueta) graduate .

Equity Ownership

• In his capacity as DCG’s CEO, Silbert may be deemed to have voting and dispositive power over securities held directly or indirectly by DCG; his personal beneficial ownership excludes DCG-held shares and was disclosed as less than 1% .
• Trust Agreement restricts transfer and pledging of Shares without registration/exemption and prior written consent of the Sponsor; book‑entry form maintained by the Transfer Agent .

Governance Assessment

• Independence: Silbert is not independent due to his role as DCG CEO and DCG’s control of the Sponsor; the Board’s disclosure that it is considering adding independent directors is a positive signal, but current structure is heavily controlled by affiliates .
• Committee effectiveness: Presence of an Audit Committee is appropriate; lack of disclosed committee memberships/attendance limits external assessment of board effectiveness .
• Conflicts and related‑party risks: Affiliated Authorized Participant/distributor (Grayscale Securities) and DCG’s ties to trading platforms and the Custodian create structural conflicts; issuance is not arm’s‑length and Sponsor has limited fiduciary duties beyond the Trust Agreement—this is a governance red flag for alignment .
• Amendments and shareholder rights: Proposal 4’s 20‑day notice authority for Sponsor‑initiated amendments that may materially adversely affect shareholders concentrates power with Sponsor; despite high deemed consent, this is a cautionary signal for minority holders .
• Indemnification structure: DCG/Sponsor as secondary obligor on indemnification adds backstop but also underscores the Sponsor/DCG’s central role; aligns with the affiliate-controlled model rather than independent oversight .

RED FLAGS

• Non‑arm’s‑length issuance via affiliated Authorized Participant and potential incentives to favor affiliates .
• DCG minority stakes in platforms influencing Index Price and the Custodian’s parent (perceived pricing/custody conflicts) .
• Sponsor’s limited fiduciary duties and broad amendment authority with deemed‑consent framework .