🚀 Grayscale Investmetn CEO Steps Down

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Grayscale Investments announced that CEO Michael Sonnenshein has stepped down after a decade at the helm, to be succeeded by Peter Mintzberg from Goldman Sachs on August 15. During Sonnenshein's tenure, Grayscale pushed for SEC approval of bitcoin ETFs and saw its Bitcoin Trust convert to an ETF, although it experienced over $17 billion in outflows due to high management fees. Grayscale also won a landmark lawsuit against the SEC in 2022, which opened the door for new bitcoin ETFs from major firms like BlackRock and Fidelity. CFO Edward McGee will serve as interim leader until Mintzberg takes over.

2. Hims & Hers Health announced access to compounded GLP-1 weight loss injections, causing a 20% jump in its shares. Previously not offered in their December-launched weight loss program, customers can now obtain these medications, like Ozempic and Wegovy, via prescription on the platform. Compounded injections start at $199 monthly, with branded versions to follow when supply stabilizes. Despite current supply constraints in the GLP-1 market, CEO Andrew Dudum assures a consistent supply through partnerships with major FDA-overseen manufacturers. The company projects its weight loss program to generate over $100 million by 2025 and will update guidance in the next earnings report.

3. Raise Venture Capital in 2024. Get the course helping top founders raise venture capital. The materials in this course are used by founders pitching a16z, Sequoia, YC and more while raising tens of millions! Get the course now for just $199. *

4. Headlines

   1. Red Lobster has filed for Bankruptcy

   2. Saudi Arabia is working with Boeing to help the manufacturer’s supply issues by selling aluminum and titanium from the kingdom.

   _{* This is sponsored content.}

Are you looking to grow your business? Here is how I can help:

📢 Promote your startup to 2,000+ VCs including investors from a16z, YC, Techstars, Rarebreed, Sequoia and more.

📱 Book a Strategy Call to get 1:1 feedback on your pitch, pitch deck and/or fundraising strategy. (If you need general startup advice, then reply to this email, and I’ll let you know if/how I can help.)

📺 Access FundraiseOS, the ultimate fundraising course with video lessons and practical worksheets helping with everything from deciding how much to raise to understanding a term sheet.

💸 Promote your product or service to 100,000+ entrepreneurs.

🌐 Connect with me on LinkedIn or X (formerly Twitter) to get access to new content about startups, fundraising, venture capital, and more every day.

Onwards and Upwards,

Liam Gill