Max van der Griend
About Max van der Griend
Max van der Griend is Vice President of Corporate Finance at ETHZilla (NASDAQ: ETHZ), appointed as part of the leadership expansion during ETHZ’s Q3 2025 results announcement to accelerate the company’s tokenized asset platform and growth strategy . He brings nearly a decade of private equity portfolio operations and value creation experience, including Senior Associate in Trivest Partners’ Portfolio Support Group and earlier portfolio operations/deal execution roles at Lincolnshire Management; he holds a BSc in Industrial Engineering from Dalhousie University and a Certificate of Applied Science from Acadia University . ETHZ’s Q3 2025 performance context: $4.1M revenue from ETH staking/DeFi rewards and expectation of positive adjusted EBITDA in Q4 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trivest Partners | Senior Associate, Portfolio Support Group | 2023–2025 | Led portfolio value creation initiatives across founder-led businesses |
| Lincolnshire Management | Operations Associate (portfolio ops/deal execution) | 2016–2022 | Supported operational improvements and transaction execution in PE portfolio companies |
External Roles
No public board or external directorships disclosed .
Fixed Compensation
- ETHZ filings and releases announcing Max’s appointment do not disclose his base salary, target bonus, or cash compensation. The Q3 results press release and 8-K reference his appointment but provide no compensation details .
Performance Compensation
- No disclosures found on RSU/PSU or option grants, performance metric weightings, vesting schedules, or incentive outcomes for Max to date .
Equity Ownership & Alignment
- Personal beneficial ownership, vested/unvested equity, and any pledging by Max have not been disclosed in ETHZ’s September or November 2025 proxy and current reports reviewed .
- Company-wide policies relevant to executive alignment:
- No stock ownership guideline policy at this time .
- Clawback policy adopted to comply with SEC Rule 10D-1/Nasdaq Listing Rule 5608 (effective Oct 2, 2023), mandating recovery of erroneously awarded incentive compensation for current/former executive officers upon accounting restatements .
- Insider trading/anti-hedging policy prohibits derivatives and short sales; prohibits margin accounts/pledging unless the individual has clear financial capacity to repay without resorting to pledged securities; executives encouraged to use Rule 10b5-1 plans .
Employment Terms
- Appointment: Vice President of Corporate Finance announced during Q3 2025 results (November 14, 2025) to support ETHZ’s DeFi/RWA tokenization strategy .
- Employment agreement/commercial terms (severance, change-of-control, non-compete, retention/sign-on bonuses) for Max are not disclosed in available proxy statements or current reports .
Performance & Track Record
ETHZ operating context since Max’s appointment:
| Metric | Q3 2025 |
|---|---|
| Revenue ($USD Millions) | $4.1 |
| Gross Profit ($USD Millions) | $4.1 |
| Cash and Cash Equivalents ($USD Millions) | $559 |
| Commentary | Revenue driven by ETH staking/incentive rewards; Company anticipates positive adjusted EBITDA in Q4 2025 |
ETH treasury and deployment metrics:
| Metric | As of Sep 30, 2025 |
|---|---|
| ETH Holdings (units) | 102,273 |
| ETH Value ($USD Millions) | $424 |
| Treasury Deployment (%) | ~70% deployed into staking/restaking |
| NAV ($USD Millions) | $445 |
Leadership updates and strategic initiatives:
- Appointment of Max van der Griend as VP Corporate Finance alongside CEO/CFO/IR leadership hires aimed at accelerating tokenized real-world asset (RWA) platform rollout .
- ETH accumulation and cash position disclosed earlier: 102,246 ETH (~$443M) and ~$213M USD cash equivalents as of early September 2025; company executing a $250M stock repurchase program funded in part by an $80M ETH‑collateralized OTC forward facility .
Background and qualifications references:
- ETHZ’s announcement post noting Max’s appointment to VP Finance and prior PE value-creation roles .
- Detailed career/education profile and timeline .
Compensation Committee & Governance Signals
- Compensation Committee: Andrew Suckling (Chair), Ryan Smith, Crystal Heter; independent directors per Nasdaq standards .
- Governance policies supporting alignment and risk control include Clawback, insider trading/anti-hedging, and Rule 10b5-1 plan encouragement .
Investment Implications
- Alignment: Company-level clawback and anti-hedging/anti-pledging guardrails are positive alignment signals; however, absence of disclosed pay mix, performance metrics, or equity ownership for Max limits assessment of his individual pay-for-performance and skin-in-the-game .
- Execution focus: Max’s PE-backed portfolio operations background and role in corporate finance align with ETHZ’s strategy to monetize on-chain yield and advance RWA tokenization. Near-term corporate finance priorities likely include capital allocation (repurchases, ETH treasury yield optimization), financing structures, and investor readiness for on-chain revenue ramp .
- Data gaps/retention risk: Without disclosed compensation, vesting schedules, or equity ownership, visibility into retention incentives and potential insider selling pressure is limited; monitor upcoming 8-K 5.02 and next proxy for employment terms, grants, and ownership.