Peter Mintzberg
About Peter Mintzberg
Peter Mintzberg is Chief Executive Officer of Grayscale Investments and serves as Principal Executive Officer of Grayscale Investments Sponsors, LLC, the Sponsor of Grayscale Ethereum Mini Trust ETF (ETH); he signs ETH’s SEC certifications and 10‑Q on behalf of the Sponsor . He is also a Director on the board of Grayscale Investments; Grayscale disclosed his CEO appointment and board seat in August 2024, and Grayscale’s S‑1 lists him as CEO and Director, age 57 . Education: Bachelor’s in engineering (Universidade Federal do Rio de Janeiro) and MBA (Harvard University) . ETH is a grantor trust that holds Ether; as of October 31, 2025, ETH’s fair value per Ether was $3,884.40, reflecting the underlying asset environment rather than traditional revenue/EBITDA metrics .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Goldman Sachs Asset & Wealth Management | Global Head of Strategy | 2021–2024 | Led strategy across asset and wealth management; oversaw digital assets under wealth management |
| Apollo Global Management | Managing Director | 2020–2021 | Senior leadership in alternatives; broadened strategic scope before joining Goldman |
| OppenheimerFunds / Invesco | Chief Strategy Officer & Global Head of Corporate Development; later Global Head of Corporate Strategy, IR & Treasury | 2013–2020 | Enterprise strategy, M&A, investor relations; scaled corporate development |
| BlackRock | Director, Strategy & Business Development; COO & Head of Strategy, Latin America & Iberia | 2006–2013 | Built regional strategy and operating infrastructure across LATAM/Iberia |
| McKinsey & Co. | Management Consultant | 2004–2006 | Financial services and technology strategy in NY/SF/São Paulo |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Grayscale Investments, Inc. | Director | 2024–present | Listed as Director in Grayscale S‑1; CEO and Director; age 57 |
| Grayscale Investments, Inc. Board (post‑reorg) | Board member | Oct 22, 2025–present | Board consists of Barry Silbert (Chair), Mark Shifke, Simon Koster, Peter Mintzberg, Edward McGee, following corporate reorganization |
| GSOIH (pre‑reorg) | Board member | pre‑Oct 22, 2025 | Same board membership carried over in reorganization |
Fixed Compensation
- ETH’s 2025 DEF 14A is a consent solicitation focused on staking, Sponsor’s Staking Fee, and amendment mechanics; it does not disclose individual executive compensation for Sponsor officers or director compensation for ETH’s trust structure .
- No disclosure of Peter Mintzberg’s base salary, target bonus, or cash compensation in ETH filings; compensation would be set at the Sponsor/Grayscale level and is not detailed in the ETH proxy .
Performance Compensation
- ETH documents do not disclose Peter Mintzberg’s equity or performance awards, vesting schedules, or payout formulas; ETH is a grantor trust and its DEF 14A does not include executive pay plans .
- Notably, ETH’s governance proposals authorize a “Sponsor’s Staking Fee” payable to the Sponsor as a per annum percentage of staking consideration; while this is an entity‑level fee, it introduces potential alignment/conflict considerations at the Sponsor level .
Equity Ownership & Alignment
| Metric | Detail |
|---|---|
| Shares outstanding (Record Date) | 74,820,788 Shares as of Sep 2, 2025 |
| >5% ownership | To Sponsor’s knowledge, no person owns more than 5% of outstanding Shares; further details referenced to FY2024 10‑K |
| Officer/director beneficial ownership (ETH) | Not disclosed in DEF 14A; ETH references 10‑K for ownership tables, none included in the proxy |
| Pledging/hedging | No pledging or hedging disclosures for Peter Mintzberg in ETH filings |
Employment Terms
| Item | Detail |
|---|---|
| ETH capacity | Principal Executive Officer of Grayscale Investments Sponsors, LLC (Sponsor of ETH); signs ETH SOX 302/906 certifications and 10‑Q |
| Grayscale CEO start | Appointed CEO with board seat effective Aug 2024 |
| Board continuity through reorg | Post Oct 22, 2025 reorganization, Grayscale Investments’ board manages the Sponsor’s affairs; Mintzberg remains director and retains authority as Sponsor officer |
| Contract/Severance | No employment agreement, severance, or change‑of‑control terms disclosed in ETH filings |
Board Governance
| Attribute | ETH/Sponsor context |
|---|---|
| Board composition | Grayscale Investments’ board (managing Sponsor) includes Barry Silbert (Chair), Mark Shifke, Simon Koster, Peter Mintzberg, Edward McGee |
| Independence | Grayscale stated it is considering expanding the Board to include independent directors (August 4, 2025) |
| Committee roles | No committee membership/chair roles disclosed for Mintzberg in ETH filings; board oversight resides at Grayscale Investments post‑reorg |
| Dual‑role implications | CEO plus Director at Grayscale; as Sponsor manages ETH Trust, governance concentration and potential independence concerns may arise given Sponsor’s discretion in staking fee and amendments |
Performance & Track Record
- Strategic leadership: Two decades in strategy/M&A roles at Goldman Sachs, Apollo, OppenheimerFunds/Invesco, and BlackRock before Grayscale CEO appointment .
- ETH operational developments under his tenure: ETH pursued staking capability via shareholder consent and implemented staking beginning Oct 6, 2025; fair value per Ether was $3,884.40 as of Oct 31, 2025 . The Sponsor expects reorganization to have no material impact on Trust operations .
Risk Indicators & Red Flags
- Sponsor’s Staking Fee conflicts: No cap in Proposal 2 (later clarified to accrue daily and be deducted in NAV), creating incentive conflicts on staking proportion and liquidity management .
- Amendment discretion: Proposal 3 allows the Sponsor to amend/supplement the Trust Agreement without shareholder consent, with 20‑day notice for materially adverse changes, increasing disenfranchisement risk .
- Tax and liquidity risks from staking: Increased uncertainty for grantor trust status, potential withholding/UBTI impacts, slashing and un‑stake delays; ETH outlines liquidity sleeve and financing mechanisms but cannot assure sufficiency .
Compensation Peer Group, Say‑on‑Pay, Shareholder Feedback
- No compensation peer group, say‑on‑pay results, or shareholder proposals disclosed in ETH DEF 14A; the proxy addresses consent mechanics for governance changes, not pay practices .
Expertise & Qualifications
- Degrees: Engineering (Universidade Federal do Rio de Janeiro), MBA (Harvard) .
- Recognitions: Latino leader in Finance (2018), David Rockefeller Fellow (2016–2017) .
- Board and CEO roles: CEO and Director of Grayscale; Principal Executive Officer signing ETH filings .
Work History & Career Trajectory
| Organization | Role | Tenure | Notable |
|---|---|---|---|
| Grayscale Investments | CEO; Director | 2024–present | Leads strategic direction; CEO named Aug 2024; director listed in S‑1 |
| Goldman Sachs | Global Head of Strategy (Asset & Wealth Mgmt) | 2021–2024 | Strategy leadership across AWM; digital assets oversight |
| Apollo Global Management | Managing Director | 2020–2021 | Senior leadership in alternatives |
| OppenheimerFunds / Invesco | Strategy/Corp Dev; IR & Treasury leadership | 2013–2020 | Enterprise strategy and capital markets interface |
| BlackRock | Strategy & BD; COO & Head of Strategy (LATAM/Iberia) | 2006–2013 | Regional growth and operating buildout |
| McKinsey & Co. | Consultant | 2004–2006 | FS/Tech strategy across NY/SF/São Paulo |
Compensation Structure Analysis
- Shift toward Sponsor‑level economics: ETH’s proposals add a Sponsor’s Staking Fee and clarify NAV treatment; absent individual executive pay disclosure, alignment is assessed via entity‑level fee structures and governance discretion .
- Potential increase in “guaranteed” entity economics: Sponsor’s discretion to set staking fee percentage (subject to disclosures) could increase fixed economics relative to investor staking rewards, raising alignment questions .
Related Party Transactions
- Governance and control: Grayscale Investments, GSOIH, and GSIS are consolidated subsidiaries of Digital Currency Group, Inc.; board roles include DCG affiliates (e.g., Barry Silbert), indicating related‑party oversight of Sponsor .
- Investments by executives/directors: Grayscale notes directors and executive officers may invest in Grayscale funds on substantially the same terms as similarly situated investors .
Investment Implications
- Governance concentration: Mintzberg’s dual role as CEO and Director at Grayscale, coupled with Sponsor discretion to (i) collect a Sponsor’s Staking Fee and (ii) amend the Trust Agreement with only 20‑day notice for adverse changes, increases governance‑driven model risk for ETH holders; independent directors are being considered but not yet in place .
- Alignment and liquidity considerations: Staking program mechanics (liquidity sleeve, potential short‑term financing, un‑stake timing) may create periods of redemption friction; entity‑level fee deductions reduce net staking rewards to holders, shaping NAV dynamics .
- Retention and execution risk: While Mintzberg’s Wall Street strategy pedigree is strong, ETH filings provide no visibility into his personal compensation, severance, or incentives at the Sponsor—limiting pay‑for‑performance assessment and insight into potential insider selling pressure .
Near‑term monitoring: Track any ETH 8‑Ks or updates that disclose staking fee rates, board independence additions, and liquidity sleeve changes; review Grayscale’s S‑1/10‑Ks for any executive compensation tables or ownership disclosures tied to Mintzberg .