Grayscale Bitcoin Trust said on Tuesday Barry Silbert, the founder and CEO of crypto conglomerate Digital Currency Group (DCG), has resigned from the board of directors of its parent Grayscale Investments.

Mark Shifke, 64, DCG's chief financial officer, will succeed Silbert as the chairman of the board of the asset manager effective Jan. 1, according to a regulatory filing.

Shifke, a former JPMorgan Chase and Goldman Sachs executive, was named DCG's finance chief in July.

Founded in 2015, Stamford, Connecticut-based DCG is the parent company of several high-profile crypto firms, including Grayscale and Genesis, which brokers digital assets for financial institutions like hedge funds and asset managers.

Genesis Global Capital, filed for U.S. bankruptcy protection in January 2023, owing creditors at least $3.4 billion after being toppled by a market rout alongside a string of other high-profile collapses including FTX.

Silbert, who grew up in Maryland, was an early bitcoin adopter. He told Reuters in a 2017 interview that he bought about $175,000 worth of the cryptocurrency in 2012, paying about $11 a coin at a time when bitcoin was little known beyond niche internet blogs.

(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)