Item 10. Directors, Executive Officers and Corporate Governance
Management of the Sponsor
The Trust does
not have any directors, officers or employees. Under the Trust Agreement, all management functions of the Trust have been delegated to and are conducted by the Sponsor, its agents and its affiliates, including without limitation, the Custodian and
its agents. As officers of the Sponsor, Barry E. Silbert, the principal executive officer of the Sponsor, Simcha Wurtzel, the principal financial officer of the Sponsor, and Michael Sonnenshein, as Managing Director of the Sponsor, may take certain
actions and execute certain agreements and certifications for the Trust, in their capacity as the principal officers of the Sponsor.
The
Sponsor has a board of directors (the Board) that is responsible for managing and directing the affairs of the Sponsor. The Board consists of Messrs. Silbert, Wurtzel and Sonnenshein, who also retain the authority granted to them as
officers under the limited liability company agreement of the Sponsor.
The Sponsor has an Audit Committee. The Audit Committee has the
responsibility for overseeing the financial reporting process of the Trust, including the risks and controls of that process and such other oversight functions as are typically performed by an audit committee of a public company. The Audit Committee
consists of Messrs. Silbert, Wurtzel and Sonnenshein.
The Sponsor has a code of ethics (the Code of Ethics) that applies to
its executive officers and agents. The Code of Ethics is available by writing the Sponsor at 250 Park Avenue South, New York, New York 10003 or calling the Sponsor at (212) 668-1427. The Sponsors Code of Ethics is intended to be a
codification of the business and ethical principles that guide the Sponsor, and to deter wrongdoing, to promote honest and ethical conduct, to avoid conflicts of interest, and to foster compliance with applicable governmental laws, rules and
regulations, the prompt internal reporting of violations and accountability for adherence to this code.
Barry E. Silbert, Chairman of the Board and Chief Executive Officer
Barry E. Silbert, 43, is the founder and Chief Executive Officer of the Sponsor. Mr. Silbert is also the founder and Chief Executive
Officer of Digital Currency Group, Inc. (DCG), a global enterprise that builds, buys, and invests in blockchain companies all over the world. DCG is the parent company of the Sponsor, the Authorized Participant, as well as CoinDesk.
A pioneer in Bitcoin investing, Mr. Silbert began buying Bitcoin in 2012 and quickly established himself as one of the earliest and most
active investors in the industry.
Mr. Silbert founded DCG in 2015 and today, DCG sits at the epicenter of the blockchain industry,
backing more than 150 companies across 30 countries, including Coinbase, Ripple, and Chainalysis. DCG also invests directly in digital currencies and other digital assets.
Prior to leading DCG, Mr. Silbert was the founder and CEO of SecondMarket, a technology company that was acquired by Nasdaq.
Mr. Silbert has received numerous accolades for his leadership including Entrepreneur of the Year by both EY and Crains, and being selected to Fortunes 40 under 40 list.
Before becoming an entrepreneur, Mr. Silbert worked as an investment banker. He graduated with honors from the Goizueta Business School
of Emory University.
Simcha Wurtzel, Board Member and Vice President, Finance
Simcha Wurtzel, 38, has been Vice President, Finance of the Sponsor since December 2018. Mr. Wurtzel previously served as Vice President,
Finance and Controller of the Sponsor from May 2013 to April 2018. In addition to his role at the Sponsor, Mr. Wurtzel is the Vice President of Finance of Digital Currency Group, Inc. From 2007 to 2015, he served as the Financial and Operations
Principal for DCG Holdco, Inc. (formerly known as SecondMarket Holdings, Inc.). Mr. Wurtzel holds a B.S. degree in accounting from Touro College, New York.
Michael Sonnenshein, Board Member and Managing Director
Michael Sonnenshein, 33, has been Managing Director of the Sponsor since 2018. In this role, Mr. Sonnenshein oversees the daily operations
and growth of the business and its $2.5 billion in assets under management. Mr. Sonnenshein is responsible for maintaining many of the firms key client relationships including family offices, hedge funds, and other institutions as
well as managing the development of the Sponsors single-asset and diversified digital currency products. From 2015 to 2017, Mr. Sonnenshein was Director of Sales & Business Development for the Sponsor. From 2014 to 2015,
Mr. Sonnenshein served as an Account Executive for the Sponsor. Prior to joining the Sponsor, Mr. Sonnenshein was a financial advisor at JP Morgan Securities, covering HNW individuals and institutions, and an analyst at Barclays Wealth,
providing coverage to middle-market hedge funds and institutions. Mr. Sonnenshein earned his Bachelor of Business Administration from the Goizueta Business School at Emory University and his Master of Business Administration from the Leonard N.
Stern School of Business at New York University. Mr. Sonnenshein was honored in 2018 as one of Business Insiders Rising Stars of Wall Street and serves as a member of the CME Group Bitcoin Futures Council and NYU Blockchain Association.
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