Barry Silbert the CEO of Second Market today announced he would be stepping down as the CEO to focus entirely on Bitcoin.
Silbert emailed the following statement:
Believe it or not, it was ten years ago that I founded the company that would later be renamed SecondMarket. Over the past decade, SecondMarket has gained tremendous experience breaking open new markets such as private company stock, auction rate securities, bankruptcy claims, community bank stock and, most recently, bitcoin. The competencies and lessons learned opening these markets has been invaluable.
As with all startups, we have had some fantastic successes and some clear failures. But along the way, SecondMarket successfully transitioned from a telephone-based broker of illiquid assets into a highly scalable, product-focused organization that has redefined how private companies and funds raise capital and facilitate liquidity for their stakeholders. We have product market fit, a fantastic team, a record number of private company/fund customers and are very well positioned for long term success. The future for SecondMarket has never been brighter.
While I have never been more excited about SecondMarket, I have chosen to move on from day-to-day management of the private company/fund business so that I can focus 100% of my energy on our digital currency business. My passion for bitcoin is no secret, and I feel it is the right time to make this transition. Our intention is to formally separate the two business lines at the appropriate point in time. In the meantime, I will remain Chairman and CEO of our parent holding company.
Bill Siegel, who has been instrumental in the development and refocusing of our private issuer products, has been appointed Interim CEO of that business line. Our clients are in great hands with Bill at the helm, and we are running a formal search for a permanent CEO for our private company business, in which Bill is a candidate.