Galaxy Digital will work with a new CFO as it prepares for the pro-Donald Trump Presidency.
Investment management firm Galaxy Digital Holdings Ltd (TSE: GLXY) has announced Tony Paquette’s appointment as its new Chief Financial Officer (CFO). Paquette’s appointment is pivotal for the company, as it is trying to solidify its position as a key player in the industry amid growing competition for market share.
A Veteran Joins the Galaxy Digital
With over 25 years of experience in financial services and fintech, Paquette brings an impressive resume. His most recent role as CFO at Point72, a leading hedge fund managing company, involved overseeing key global operations.
There, he was in charge of the firm’s finance, treasury, and broker relations. He has also held leadership roles at SoFi, JPMorgan Chase, and Bank of America.
Galaxy Digital, founded in 2018 by Mike Novogratz, has quickly gained popularity as a leader in crypto investments and digital infrastructure. This year, the firm made waves with the launch of a spot Bitcoin ETF in partnership with Invesco. Notably, its ETF product shows its dynamic growth as the industry evolves.
Novogratz mentioned that Paquette’s appointment is crucial in Galaxy’s expansion. He expressed that his extensive experience as a finance manager would strengthen the firm’s infrastructure and scale business globally.
Paquette echoed this sentiment as he commented on his role and Galaxy’s future. He noted the firm’s strong reputation in digital assets and technology and expressed his eagerness to build upon its solid finance foundation to help it achieve new milestones.
Global Trend: Industry Leaders Fuel Growth with Veteran Appointments
Paquette will succeed Alex Loffe, who has held Galaxy Digital’s CFO role for nearly four years. Loffe will transition to a senior advisory role starting January 2025. Novogratz lauded Loffe’s significant contributions to the firm.
He noted his role in preparing Galaxy for a potential U.S. public listing and guiding the firm through growth and market volatility periods. Under his leadership, the company expanded its Bitcoin holdings with a $23.4 million acquisition in August.
Across the industry, there is a trend of financial services and crypto firms hiring experienced executives. These veterans help the firms bolster their operations and navigate the complexities of emerging markets.
In 2021, Coinbase Global Inc (NASDAQ: COIN) appointed Alesia Haas as its CFO. The exchange is leveraging Haas’ financial strategy and market operations expertise from her time at Goldman Sachs.
In the same year, Kraken appointed David Ripley as its CEO. The asset manager tapped into his experience in corporate strategy and risk management to navigate regulatory challenges.
Before going defunct, BlockFi hired Zac Prince as CEO in 2020 to scale its operations and enhance its lending services, relying on his background. These moves show how companies are strengthening their teams with leaders who can drive growth. This also becomes evident in these firm’s quest to succeed in the competitive financial and crypto sectors.
next