Grayscale CFO Edward McGee exits after seven years
In brief
- Edward McGee resigned as CFO effective July 2, citing personal reasons with no operational disagreement
- Interim co-CFOs Kathryn Masci and Daniel Plourde appointed; both have finance backgrounds
- John Hoffman, distribution head, departed in fall; McGee marks second senior exit
- Grayscale paused IPO plans; unlikely to restart before Q4 2026
- Bitcoin ETF conversion in January 2025 reduced assets from $28.5B to $8.5B
Leadership Transition at Grayscale
Kathryn Masci and Daniel Plourde were named as interim co-chief financial officers to fill McGee's role. Masci joined Grayscale in 2020 and most recently served as senior vice president of finance. Plourde joined the firm in 2022 after holding senior positions at Gabelli Asset Management and State Street Global Advisors. Both bring established institutional finance experience to the interim arrangement.
The CFO transition arrives weeks after another significant departure. John Hoffman, managing director and head of distribution and partnerships, left Grayscale in the fall and joined Ondo Finance last month. The back-to-back exits signal organizational strain at the Stamford, Connecticut-based firm.
IPO Plans on Hold
Grayscale has paused its IPO preparations because of market conditions and is unlikely to restart the process before the fourth quarter. The company confidentially filed for a U.S. initial public offering in November of the previous year, but market headwinds have forced a delay.
The firm's flagship product has faced competitive pressure since its conversion. Grayscale converted its Bitcoin Trust (GBTC) into an exchange-traded fund in January 2025. The fund once held about $28.5 billion in assets before becoming an ETF. It now manages roughly $8.5 billion as other, lower-fee ETFs have attracted investor money. Founded in 2013 and owned by Digital Currency Group, Grayscale has long positioned itself as a bridge between traditional finance and digital assets—a role now tested by both internal transitions and external market dynamics.
