The alternative asset manager – New York Digital Investment Group (NYDIG) – announced the departure of its CEO Robert Gutmann and its President Yan Zhao.
Tejas Shah and Nate Conrad will take their posts, respectively.
Changes at the Top
The cryptocurrency-focused company revealed that its bitcoin balances hit an all-time high during Q3, up almost 100% YOY. At the same time, NYDIG’s revenue was up by 130% in Q2, followed by another increase in the next quarter.
Nevertheless, it noted that the CEO and President – Robert Gutmann and Yan Zhao – have stepped down from their respective positions and will remain as key members of NYDIG’s parent company – Stone Ridge Holdings Group.
The company announced Tejas Shah as the new Chief Executive Officer and Nate Conrad as the new President. They will focus on doubling down the organization’s investments in the crypto mining industry by serving some of the leading North American miners.
Ross Stevens – Founder and Executive Chairman of the firm – argued that these structural changes should be
beneficial during a time of market decline:
“When markets crumble, character emerges. A flight to quality from the most risk-aware institutional investors has relentlessly driven bitcoin, and revenue, to NYDIG over the last 12 months.
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.”
Prior to their promotion, Shah and Conrad served as Global Head of Institutional Finance and Global Head of Payments, respectively. Both men have rich experience in the financial field, as Shah was part of Goldman Sachs for around 20 years.
Quitting Crypto Companies Trend Continues
This year’s cryptocurrency market crash has affected the industry in many ways, and stepping down crypto-related executives seems to be part of the aftermath.
One of the first came from the leading bitcoin miner – Compass Mining (CMP) – when the CEO Whit Gibbs and the CFO Jodie Fishre said they were no longer part of the company due to disappointing results.
Bill Qian – a top executive at Binance Labs – also submitted his resignation letter in the same month – June. It is worth noting that the previous CEO – Nicole Zhang – left the firm a few weeks prior to that.
One of August’s biggest news in the crypto sector was Michael Saylor’s decision to resign from his role as a CEO of MicroStrategy and start serving as an Executive Chairman of the business intelligence.