Maxwell Rosenthal
About Maxwell Rosenthal
Maxwell Rosenthal serves on Grayscale’s executive team as Chief Human Resources Officer (CHRO), appointed as part of a broader management expansion on August 4, 2025; he joined from Citadel, where he was Head of People, Global Credit . ETHE’s 2025 proxy materials focus on trust-level governance/amendments (staking and sponsor fee mechanics) rather than executive biographies or pay, so age, education, and performance-linked executive metrics for Rosenthal are not disclosed in ETHE filings . Grayscale’s press release framed the expansion around scaling a $35B AUM platform, but it did not provide personal performance metrics for Rosenthal .
Past Roles
| Organization | Role | Years/Start | Strategic Impact (as disclosed) |
|---|---|---|---|
| Grayscale Investments (Sponsor of ETHE) | Chief Human Resources Officer | Appointed Aug 4, 2025 | Joined as part of a strategic management expansion to support growth and governance at a ~$35B AUM platform |
| Citadel | Head of People, Global Credit | Prior to Grayscale (not dated) | Identified as prior role immediately before joining Grayscale |
External Roles
- No public company directorships or committee roles for Rosenthal are disclosed in ETHE’s filings; the only ETHE filing referencing him is the Aug 4, 2025 8‑K/press release about the management expansion .
Fixed Compensation
- Not disclosed in ETHE filings. ETHE’s 2025 DEF 14A is a consent solicitation on trust amendments (staking authority, sponsor staking fee, amendment process) and does not present executive compensation tables or individual pay data for sponsor executives .
Performance Compensation
- Not disclosed for Rosenthal. The 2025 DEF 14A addresses sponsor-level economics via a proposed “Sponsor’s Staking Fee” (an additional fee on staking consideration) but does not describe any individual executive incentive metrics or payouts .
Equity Ownership & Alignment
- ETHE did not disclose individual insider holdings for Rosenthal. The 2025 DEF 14A states that, to the knowledge of the Sponsor, no person owns more than 5% of outstanding ETHE shares; it does not list named insider ownership .
- No pledging/hedging, vested/unvested equity, or option positions for Rosenthal are disclosed in ETHE filings .
Employment Terms
- No employment agreement, severance, change‑of‑control, non‑compete, or clawback terms are disclosed for Rosenthal in ETHE filings. The single reference is the Aug 4, 2025 8‑K/press release announcing his appointment as CHRO; it contains no contract or compensation details .
Compensation Structure Context (Trust/Sponsor-level mechanics)
- Staking authority and fee: The Sponsor sought shareholder consent to allow ETHE to stake ether (subject to maintaining grantor trust treatment) and to collect a Sponsor’s Staking Fee—payable daily in arrears as a percentage of staking consideration, determined at the Sponsor’s discretion and deducted in NAV calculations .
- Alignment considerations: The Sponsor’s Staking Fee reduces net staking rewards attributable to shareholders and may introduce incentive tension (e.g., higher staking proportions vs. liquidity for redemptions) per the disclosed conflict-risk discussion .
Performance & Track Record
- Role impact disclosed: Rosenthal’s CHRO appointment was part of a management and board expansion to support Grayscale’s next phase of growth; prior role at Citadel (Head of People, Global Credit) indicates a large-scale, institutional HR background .
- Stock/TSR and operating metrics for Rosenthal’s tenure are not disclosed in ETHE filings; the DEF 14A deals with trust amendments rather than executive-specific performance reporting .
Additional Background (3rd-party mention)
- Rosenthal’s LinkedIn post indicates he joined Grayscale as Chief People Officer, consistent with Grayscale’s press release on his CHRO appointment (title variants in people/HR leadership are common) .
Investment Implications
- Limited transparency on individual compensation/ownership: ETHE’s filings do not provide Rosenthal-specific pay, equity, or contract details, constraining pay-for-performance and retention-risk analysis at the individual level .
- Sponsor-level incentives shifting with staking: If adopted, the Sponsor’s Staking Fee adds a revenue stream at the Sponsor level and may encourage higher staking allocations, impacting liquidity management and net rewards to shareholders; this is not executive-specific but is relevant to overall alignment and potential operating decisions that HR leadership could help operationalize during scaling .
- Governance and organizational scaling: The 2025 leadership build-out (including Rosenthal’s CHRO role) and board adjustments signal institutionalization amid product and governance changes; watch for subsequent filings for any disclosed turnover, compensation frameworks, or ownership policies that could clarify executive alignment and retention risk .
Key gaps to monitor: future 8‑K 5.02 filings for comp arrangements; any DEF 14A or trust communications that add executive pay/ownership detail; and whether staking authority/fee amendments are implemented and how they affect trust-level economics .