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Sonnenshein steps down as Grayscale boss after three years

Grayscale Investments announced the appointment of Peter Mintzberg as its new chief executive, taking the mantle from Michael Sonnenshein after three years in the role. Mintzberg joins Grayscale from Goldman Sachs, where he currently acts as the global head of strategy for asset and wealth management. “I leave @Grayscale with deep gratitude for everyone who has been on this incredible rocket ship journey,” Sonnenshein wrote on X. Sonnenshein thanked Barry Silbert, the founder and chief executive of parent company Digital Currency Group, “for taking a bet on me and for your partnership these last 10 years”. “I’ve long admired Grayscale’s position as the leading crypto asset management firm, and I am honored to join the most talented and pioneering team in the business,” said Mintzberg. “This is an exciting time in Grayscale’s history as it continues to capitalize on the unprecedented momentum in the asset class,” said Mintzberg. Silbert added: “I want to thank Michael for his stewardship of Grayscale, having joined the team in 2014 and serving as CEO since 2021. Michael guided Grayscale from $60 million to ~$30 billion of assets under management and through its historic court victory against the Securities and Exchange Commission, which enabled Grayscale to uplist the first spot Bitcoin ETF to NYSE Arca alongside the largest players in traditional finance.” Grayscale Investments is the world’s largest digital currency asset manager and operator of the influential Grayscale Bitcoin Trust (GBTC). GBTC is the largest bitcoin-based exchange-traded fund, although BlackRock's IBIT product is narrowly closing the gap in asset under management. Nvidia Corp is set to dominate market discussions this week as it prepares to release its earnings report on Wednesday afternoon. The semiconductor giant, with a market cap of approximately $2.3 trillion, holds significant influence in the S&P 500. Its performance is expected to impact the technology sector and broader market indices. "As Nvidia goes, so go most of the semiconductor stocks and AI plays," is how Jay Woods, chief global strategist at Freedom Capital Markets (NASDAQ:FRHC), put it. He noted that the stock's average post-earnings move is plus 8.5%, making it a critical factor for market volatility. Analysts ratings, based on Bloomberg statistics, have the equivalent of 61 buys, 7 holds and 0 sells on the stock. The average analyst price target is $1018.45 which is less than a 10% upside from current levels. “While a disappointment could open the door for many potential downgrades, a beat should lead to a wave of price target upgrades,” said Woods. Beyond Nvidia, other major earnings include Lowe’s, Target, Toll Brothers, elf Beauty, and Macy’s. Zoom Video and Palo Alto Networks are also in focus, with their earnings reports potentially adding to market movements. Zoom Video, which has been struggling since its peak, needs to show sustained improvement while Palo Alto Networks aims to recover from recent declines despite a strong track record, according to Woods. On the macro front The week also features significant economic data releases. Existing Home Sales and FOMC minutes on Wednesday, Jobless Claims and New Home Sales on Thursday, and Durable Goods and Consumer Sentiment on Friday will provide insights into the economic landscape. The S&P 500 reached new highs last week, driven by a cooler-than-expected CPI number, which fueled optimism about potential Fed rate cuts. However, the 10-year yield remains stable above key technical levels, maintaining caution among traders. Freedom Capital Markets (NASDAQ:FRHC) notes the market's anticipation for the Fed minutes, which will reveal any divisions among committee members regarding future rate hikes or cuts. The consensus is no action in June, with possible rate cuts discussed for July or September. Click here to subscribe to future Freedom weekly newsletters by Jay Woods.