The New York Digital Investment Group (NYDIG) has a new sheriff in the office. Tejas Shah, NYDIG's former Head of Institutional Finance has been promoted as the CEO of the crypto-focussed alternate asset management platform. The development follows the exit of NYDIG's previous CEO Robert Gutmann, who will continue to be part of the firm's parent organisation — Stone Ridge Holdings Group. Founded in 2017, the NYDIG refers to itself as a ‘Bitcoin company that is fusing high tech with institutional grade finance.
Before joining the NYDIG, Shah has clocked a nearly 20-year long career at Goldman Sachs as a partner.
"I'm honoured to lead this incredible organisation on our important mission of ‘Bitcoin for all'. Our strong balance sheet, especially in today's market, is a powerful differentiator in serving our clients,” NYDIG's newly appointed CEO said in an official statement.
Alongside Shah, Nate Conrad, the former Global Head of Payments at NYDIG has been promoted as the firm's President. Previously, the post was served by Yan Zhao who also stepped down from his position following Gutmann.
The corporate re-shuffle comes at a time, the firm claims its Bitcoin balances have been up almost by a 100 percent year-on-year.
"Even during the height of the crypto frenzy in H2 2021, our risk management discipline kept us entirely away from decentralised finance (DeFi), centralised lending platforms, and the uncollateralized lending market. The firm's balance sheet is the strongest it's ever been, and we're now investing aggressively into a capital-starved market,” said Ross Stevens, Founder and Executive Chairman of NYDIG.
Meanwhile, the company has raised $720 million (roughly Rs. 5,860 crore) for its Institutional Bitcoin Fund, an SEC filing revealed last week.
A total of 59 investors, identities of whom remain unknown, have contributed to NYDIG's BTC fund.
The platform had first launched its Bitcoin Fund in 2018. Originally called the ‘Institutional Digital Asset Fund', this capital pool had raised $190 million (roughly Rs. 1,546 crore) in June 2020.
Affiliate links may be automatically generated - see our ethics statement for details.