It looks like Galaxy Digital – the hedge fund hosted by Mike Novogratz, a bitcoin fan and billionaire investor – has taken some new talent aboard. Michael Daffey – a former executive with the Goldman Sachs Group – is joining Galaxy Digital as its new chairman. He is also replacing Mike Novogratz in this role, who will remain with the company as its chief executive.
Galaxy Digital Is Saying “Hello” to a Fresh Face
The move presents another major step towards the blending of traditional financial offerings and crypto-based services. Goldman Sachs is one of the biggest financial firms in the world and has since issued a statement claiming that it will be offering digital currencies to its clients. Now that a former Goldman Sachs executive will hold a prominent role with a bitcoin-based company, it looks like cryptocurrency is really cementing its position as one of the leading financial mediums available today.
At 54 years old, Daffey recently served as the chairman of Goldman’s global markets division. During his tenure with the company, this division accumulated approximately 40 percent of Goldman’s overall revenue, suggesting just how strong his dealings with the company were. He ended his position with Goldman on the last day of March.
All this is designed to help Galaxy Digital prepare for its future IPO or initial public offering. In other words, Galaxy Digital is preparing to launch stock, meaning it is taking a page right out of Coinbase’s book. The biggest news of the previous week was that Coinbase – which is one of the world’s largest and most popular cryptocurrency exchanges – unveiled stock shares on the Nasdaq that got crypto traders super excited.
The stock went public beginning on Wednesday April 14, 2021, and as a result, bitcoin shot through the roof, hitting a new all-time high of more than $63,000, though at the time of writing, the price has fallen back down to about $55K.
Mike Novogratz has big plans for both his company and for the crypto space in general. He recently commented that bitcoin’s price is going to explode, and that he was surprised and pleased with how fast bitcoin adoption has come about. In an interview, he claims:
We are trying to build a 21st century, customer-focused merchant bank… There is a dearth of good, public equities in the crypto space. I think you’ll see other companies try to fill out that portfolio.
A Lot of Financial Experience
In addition to bringing Daffey onboard and getting ready to launch new stock shares, the company has also thrown its hat into the bitcoin-based exchange-traded fund (ETF) ring and is thus far the ninth company this year to do so following news that Canada had gotten the greenlight on similar products.
Daffey spent more than 25 years working with Goldman Sachs and will begin his job with Galaxy Digital in early September.