Maxwell Rosenthal
About Maxwell Rosenthal
Maxwell Rosenthal is Chief Human Resources Officer (CHRO) at Grayscale Investments Sponsors, LLC, appointed August 4, 2025, reporting to CEO Peter Mintzberg; he previously served at Citadel as Head of People for Global Credit . Filings reviewed do not disclose his age, education, tenure metrics, or executive-specific performance outcomes (TSR, revenue, EBITDA) for LTCN or Grayscale .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Citadel | Head of People, Global Credit | — | Senior HR leadership for Global Credit; prior role immediately before CHRO appointment at Grayscale |
Fixed Compensation
No disclosure of base salary, target bonus, or actual bonus for Maxwell Rosenthal in LTCN filings or the Grayscale press release reviewed .
Performance Compensation
No disclosure of RSUs/PSUs, option grants, performance metrics, vesting schedules, retention/sign-on bonuses, clawbacks, tax gross-ups, deferred comp, pensions/SERP, or perquisites for Maxwell Rosenthal in the filings reviewed .
Equity Ownership & Alignment
- Directors and executive officers are permitted to invest their own capital in Grayscale funds “on substantially the same terms as those prevailing at the time for comparable investments by similarly situated investors” .
- To the knowledge of the Sponsor, no person owns more than 5% of LTCN outstanding shares; individual executive beneficial ownership (including Rosenthal) is not detailed in the proxy .
Employment Terms
- Appointment context: Rosenthal named CHRO in a strategic expansion of Grayscale’s management team; he reports to CEO Peter Mintzberg .
- No compensatory arrangements (severance, change-of-control, non-compete/solicit, garden leave, consulting) for Rosenthal are disclosed in the 8-Ks or DEF 14A reviewed .
Performance & Track Record
- Prior role: Head of People, Global Credit at Citadel before joining Grayscale .
- Appointment part of management scale-up alongside COO, CMO, and CCO hires; board expanded with Barry Silbert returning as Chairman amid >$35B AUM context for Grayscale platform .
Board/Governance Context (Trust-Level)
Consent solicitation outcomes (October 2025) for LTCN Trust Agreement amendments:
| Proposal | For | Against | Abstain |
|---|---|---|---|
| Alternative cash creation/redemption (Proposal 1) | 1,840,029 | 1,066,928 | 91,140 |
| Sponsor’s Fee payable daily (Proposal 2) | 1,176,240 | 1,777,753 | 44,104 |
| Omnibus accounts for creation/redemption (Proposal 3) | 1,853,320 | 1,104,356 | 40,421 |
| Sponsor amendments with 20-day notice/conditions (Proposal 4) | 835,865 | 2,117,260 | 44,972 |
Aggregate deemed consents by outstanding shares (under Trust Agreement): Proposal 1: 95.60%; Proposal 2: 92.67%; Proposal 3: 95.45%; Proposal 4: 91.27% . The DEF 14A provides detailed rationale and text of amendments (e.g., Sections 6.8, 13.13, 10.1), including fee payability and amendment process .
Investment Implications
- Compensation alignment and retention risk: Absence of disclosed cash/equity incentives, performance metrics, vesting schedules, and employment terms for Rosenthal limits pay-for-performance analysis and modeling of insider selling pressure; this constrains inference on retention or severance economics .
- Governance signal: Shareholder approvals enabled structural changes (cash creations/redemptions, omnibus custody, daily fee payability, and Sponsor-led amendments with notice), concentrating operational discretion at the Sponsor; while not executive-specific, this affects the trust’s governance risk profile and could influence investor perception of oversight and alignment .
- Talent scale-up: Rosenthal’s CHRO appointment from a top-tier alternative asset manager (Citadel) suggests emphasis on institutional-grade HR processes to support Grayscale’s expansion; execution efficacy may impact platform growth and operational integrity, but no executive-specific KPIs are disclosed to track progress .
Data gaps: No Form 4 or 144 references tied to Rosenthal found in LTCN filings; compensation/ownership specifics for Maxwell Rosenthal are not disclosed in the documents reviewed .