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 Sponsor’s 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
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 Crain’s, and
being selected to Fortune’s “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,
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
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 firm’s key client relationships including
family offices, hedge funds, and other institutions as well as
managing the development of the Sponsor’s 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 Insider’s Rising Stars of Wall
Street and serves as a member of the CME Group Bitcoin Futures
Council and NYU Blockchain Association.