Diana Zhang

About Diana Zhang

Diana Zhang is Chief Operating Officer (COO) at Grayscale (Sponsor of ETHE), appointed effective May 6, 2025, reporting to CEO Peter Mintzberg . She brings 18+ years of asset management leadership experience, including a decade-plus at Bridgewater Associates (Deputy to the co-CEO; COO of Investment Research) and most recently serving as COO of BlockTower Capital; she also co-founded the nonprofit NeighborShare . Her appointment came amid Grayscale’s management expansion and scale-up, with the platform cited at “more than $35 billion” in AUM across three dozen products, underscoring the operational scope of her role . As COO, her remit centers on strategy execution and institutional-grade operating integrity; company filings focus on ETHE’s product structure rather than individual executive TSR/financial KPI targets, and do not disclose Zhang’s personal performance metrics .

Past Roles

External Roles

Fixed Compensation

• Not disclosed. The April 9, 2025 Item 5.02 8-K announced Zhang’s appointment but did not include salary, target bonus, or equity grant terms . The 2025 DEF 14A for ETHE is a consent solicitation focused on staking, fees and amendment mechanics, and contains no executive compensation tables for named executive officers .

Performance Compensation

• Not disclosed. No filings reviewed provide details on Zhang’s incentive metrics (e.g., revenue/EBITDA growth, TSR, ESG), bonus calculation, RSU/PSU structures, options, or vesting schedules .

Equity Ownership & Alignment

• Beneficial ownership: No disclosure was found for Zhang’s ETHE share ownership or trust-related equity awards. The DEF 14A states, “To the knowledge of the Sponsor, no person owns more than 5% of the outstanding Shares” .
• Insider investing policy context: Grayscale’s August 4, 2025 Item 5.02 8-K notes directors and executive officers are generally permitted to invest their own capital in Grayscale funds “on substantially the same terms” as similarly situated investors; no person-specific holdings were provided .
• Pledging/hedging: No disclosures regarding pledging or hedging by Zhang were identified .
• Ownership guidelines/compliance: Not disclosed in reviewed materials .

Employment Terms

• Appointment and reporting: Effective May 6, 2025 as COO, reporting to CEO Peter Mintzberg .
• Contract term, severance, and change-of-control: Not disclosed in the April 9, 2025 Item 5.02 8-K or subsequent proxy materials reviewed .
• Non-compete, non-solicit, garden leave, post-termination: Not disclosed in reviewed filings .
• Operational role indicators: Zhang is listed as the legal notice contact for the Coinbase Prime Broker Agreement relating to Grayscale/ETHE operations, indicating day-to-day operational responsibility interfaces with key service providers .

Performance & Track Record

• Organizational impact: Grayscale characterized Zhang’s addition as part of a “strategic expansion” of management to merge institutional rigor with innovation as the platform scales; founder Barry Silbert rejoined as Board Chairman, highlighting the company’s next growth phase .
• Platform scale: Grayscale cited “more than $35 billion in assets under management across more than three dozen products” in connection with this management expansion context .
• Prior roles: Bridgewater (Deputy to co-CEO; COO of Investment Research) and BlockTower COO credentials support a background in executing large-scale operating strategy in institutional investment settings .
• Stock or product performance attributable to tenure: Not disclosed at the individual level in filings reviewed; ETHE documents focus on product mechanics (tracking NAV, staking proposals, liquidity, creation/redemption) rather than executive-level KPI scorecards .

Governance and Related Items (context from filings)

• Staking and fee model changes proposed to ETHE: 2025 DEF 14A sought shareholder consent for enabling staking (subject to grantor-trust tax conditions), introducing a Sponsor’s Staking Fee, and expanding amendment authority with notice rather than consent; these proposals may shape operational priorities under the COO’s purview if implemented .
• Conflicts and incentive alignment at product level: The DEF 14A acknowledges potential conflicts (Sponsor’s Staking Fee could reduce net staking rewards to shareholders and incentivize higher staking proportions), illuminating operating trade-offs the team (including COO) must manage if staking is pursued .
• Liquidity and operations: The proxy details liquidity sleeves and potential financing mechanisms to manage redemption timing if staking is enabled—an area likely under COO oversight .

Investment Implications

• Alignment/retention visibility: Lack of disclosed salary, equity, vesting schedules, severance/change-of-control terms, and ownership guidelines for Zhang limits assessment of pay-for-performance alignment and retention risk at the executive level .
• Operating competence signal: Background at Bridgewater and BlockTower, and elevation during a scale-up phase (with substantial AUM and broadened management bench), suggest strong operations pedigree suited to institutional-grade execution in a regulated, evolving crypto ETP landscape .
• Watch items: Monitor subsequent 8-Ks for any compensatory arrangements under Item 5.02, future DEF 14A or trust agreements for any executive-related disclosures, and any Section 16 filings if applicable. Also track outcomes of ETHE staking proposals, the Sponsor’s Staking Fee implementation, and operational disclosures around liquidity management, as these may influence product economics and any indirect performance-linked incentives .

Sources: Appointment and background ; management expansion and AUM context ; proxy proposals and mechanics ; conflicts and liquidity considerations ; ownership context ; product objective and mechanics ; operational contact (Coinbase Prime Broker Agreement) .