Mashinsky’s actions also reportedly affected his professional relationship with Frank van Etten, the then chief investment officer of Celsius, with whom he “clashed repeatedly” over trading strategy. The Financial Times reported a person familiar with the matter said the Celsius CEO “had a high conviction of how bad the market could move south” and wanted staff “to start cutting risk” in any way possible prior to the Fed meeting.
, including shares of Grayscale’s Bitcoin Trust, or GBTC. The news outlet reported there was a deal available aimed at cutting Celsius’ losses on GBTC — the company held 11 million shares worth roughly $400 million in September 2021 — but Mashinsky refused it, eventually selling for a $100–$125 million loss in April 2022.
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