Simon Koster

About Simon Koster

Simon Koster is Chief Strategy Officer at Digital Currency Group (DCG), leading investments across digital assets, subsidiaries, and 250+ early-stage companies globally; he was appointed to the board overseeing Grayscale’s sponsor entity on October 13, 2025 and continues as a director of Grayscale Investments after the October 22, 2025 management reorganization . He previously served as DCG’s CEO of Real Estate, was CEO of The Collective, and spent roughly a decade at JDS Development Group focused on major residential, hospitality, and mixed‑use projects; he holds a B.S. from Rutgers University and a Master’s in Engineering from the University of Michigan .

Past Roles

External Roles

Board Governance

• Structure and role: LTCN (Grayscale Litecoin Trust) has no directors, officers, or employees; all management functions are delegated to the Sponsor (Grayscale Investments Sponsors, LLC) and its agents .
• Sponsor oversight: Following the Oct 22, 2025 reorganization, Grayscale Investments’ Board (Barry Silbert—Chair, Mark Shifke, Simon Koster, Peter Mintzberg, Edward McGee) manages and directs the affairs of the Sponsor that administers LTCN .
• Committees: The Sponsor maintains an Audit Committee overseeing financial reporting risks and controls typical of public company audit functions (membership not disclosed) .
• Amendments and shareholder rights: The 2025 proxy and consent solicitation enabled (i) cash creation/redemption procedures, (ii) daily accrual payment of Sponsor’s Fee, (iii) omnibus accounts via a prime broker, and (iv) Sponsor’s unilateral power to restate/amend with 20‑day notice—removing prior majority consent requirements and potentially disenfranchising shareholders .
• Independence considerations: Koster is DCG’s CSO and sits on boards of multiple DCG affiliates; DCG consolidates Grayscale entities, which raises independence questions relative to LTCN’s sponsor oversight .

Sponsor Board (managing LTCN sponsor)

Fixed Compensation

Performance Compensation

No equity/option/PSU/RSU award detail, performance metrics, vesting schedules, clawbacks, severance or CoC provisions are disclosed for directors of LTCN or its Sponsor in the filings reviewed .

Other Directorships & Interlocks

Expertise & Qualifications

• Strategy and portfolio leadership in digital assets, with global investment oversight across >250 companies and multiple subsidiaries .
• Deep real estate development and operating experience (JDS Development Group, The Collective), adding infrastructure and large‑project execution credibility .
• Education: B.S. Rutgers University; Master’s in Engineering, University of Michigan .

Equity Ownership

Governance Assessment

• Independence risk: As DCG’s CSO with multiple DCG affiliate board seats, Koster’s role is structurally non‑independent relative to LTCN’s Sponsor, limiting arm’s‑length oversight on fees, custody, and amendments; investors should treat director “independence” as weak in this structure .
• Shareholder rights dilution: Sponsor now can implement amendments with only 20‑day notice, with shareholders deemed to consent absent objection—explicitly flagged in filings as potentially disenfranchising shareholders .
• Custody/prime broker risk: Use of omnibus accounts for creation/redemption can render the Trust an unsecured creditor of the prime broker upon insolvency; access to LTC in omnibus accounts could be frozen by a liquidator, increasing operational/custodial risk .
• Tax classification risk: Amendments allow changes that could affect grantor trust status if counsel opines minimal risk; filings acknowledge the IRS may disagree, posing tax treatment uncertainty .
• Fee timing change: Daily payability of the Sponsor’s Fee (still accruing daily) increases administrative cadence; Sponsor acknowledges its interest in the change, though amount remains unchanged .
• Audit oversight: The Sponsor maintains an Audit Committee, but committee membership, independence, and attendance are not disclosed, constraining transparency on financial controls .

RED FLAGS

• Director independence is not credible given DCG executive role and affiliate boards; interlocks across DCG subsidiaries create potential related‑party exposure in Sponsor decisions .
• Deemed consents and unilateral amendment powers reduce shareholder protections and may adversely affect investor confidence in governance processes .
• Omnibus custody arrangements introduce counterparty and insolvency risks inconsistent with segregated trust asset protections .

Attendance and Engagement

• Board meeting attendance and engagement metrics for the Sponsor’s Board are not disclosed in the reviewed filings .

Say‑on‑Pay and Shareholder Feedback

• No say‑on‑pay; LTCN’s 2025 consent solicitation passed with high consent rates under “deemed consent” mechanics; tallies show majority approvals across Proposals with consent rates >90% reported, reflecting the structural voting framework rather than conventional meeting ballots .

Related‑Party Transactions

• DCG consolidates Grayscale entities, and Koster’s roles across DCG affiliates suggest potential related‑party decision pathways; specific transaction details involving Koster are not disclosed in the filings reviewed .

Compensation Peer Group / Consultant Use

• Not disclosed for directors of the Sponsor or LTCN in the filings reviewed .