By
Godfrey Benjamin
April 19th, 2024
NYDIG announced that its CEO and president would make way for an incoming fresh duo to consolidate on its business interests.
According to reports, New York Digital Investment Group (NYDIG) CEO Robert Gutmann, and President Yan Zhao, are stepping down from their roles. This development comes amid a general shake-up in management across the crypto industry. Gutmann and Zhao are being replaced by company executives Tejas Shah and Nate Conrad to the roles of CEO and president, respectively, NYDIG further stated. In addition, the Bitcoin (BTC) investment firm explained that the new roles are promotions for the incoming duo.
Following NYDIG’s changing-of-the-guard, the ‘outgoing’ Guntmann and Zhao will remain at the crypto investment firm’s parent company, Stone Ridge Holdings Group. Here they will work across the portfolio of Stone Ridge business, according to a company release. In addition, former NYDIG CEO Gutmann will also continue to serve on the board of the Bitcoin-focused company. Looking back on his role as NYDIG chief executive, and speaking on the company’s management transition, Gutmann said:
“I’m proud of everything we’ve accomplished so far, and I cannot wait to see what the incredible NYDIG team will achieve in the coming years and decades. As leaders of our biggest businesses, Tejas and Nate have been driving forces in NYDIG’s success. They are ready to lead NYDIG in its next phase of growth.”
New NYDIG CEO, President, to Focus on Accelerating Mining Solutions Investments
Shah and Conrad will focus on speeding up NYDIG’s investment in mining solutions. In addition, the fresh duo will consolidate on the company’s platform technology business. The business helps ease enterprises into the Lightning Network.
Previously, both Shah and Conrad served as NYDIG’s global head of institutional finance and global head of payments, respectively. Before this, the duo also worked at New York-based banking giant Goldman Sachs.
As a firm in the crypto industry, NYDIG has always chosen its endeavors prudently and judiciously, according to company founder Ross Stevens. In a press release, Stevens, who also serves as executive chairman, explained that “even during the height of the crypto frenzy in H2 2021, our risk management discipline kept us entirely away from DeFi, centralized lending platforms, and the uncollateralized lending market.”
Furthermore, the NYDIG founder also revealed that the change in top management is happening at a rewarding time for his company. As he put it:
“The firm’s balance sheet is the strongest it’s ever been, and we’re now investing aggressively into a capital-starved market. Robby and Yan are delivering the business to Tejas and Nate in phenomenal shape.”
NYDIG Buys $720 Million Bitcoin
In other recent news, NYDIG raised $270 million for its Institutional Bitcoin Fund, according to recent regulatory filings. Participating investors totaled just 59, with each averaging $12 million, which suggests the depth of their wealth.
This NYDIG figure also represents the largest since the age of institutional investors from December 2020. Back then, it was not uncommon to see BTC purchases of $1 billion on a weekly basis. Since then, the value of the leading crypto has severely fluctuated and is currently trading under $20,000.