Galaxy Digital’s Co-head Of Trading Leaving The Company
Robert Bogucki, Galaxy Digital’s co-head of trading, is departing for investment company Brevan Howard’s crypto unit BH Digital, according to a report from Axios.
Bogucki joined Galaxy Digital in 2021 as co-head of trading alongside Jason Urban. According to LinkedIn, he formerly held managing director positions at many institutions, including Barclays, Merrill Lynch, and Lehman Brothers.
A spokeswoman for Galaxy, Michael Wursthorn, confirmed Bogucki’s departure to Axois.
He is not the only executive leaving Galaxy Digital. Michael Jordan, the firm’s co-head of investments, is leaving to create a new cryptocurrency fund called DBA Crypto.
Jordan will launch the fund alongside other executives from trading firm Genesis. Genesis has also had a number of departures, including CEO Michael Moro, who resigned on August 17.
Genesis’ leadership changes appear to be a direct result of the company’s recent high-profile losses. Three Arrows Capital (3AC), a bankrupt crypto hedge fund, received a $2.36 billion loan from the trading business. Digital Currency Group (DCG), the firm’s parent business, stepped in to assume the firm’s liabilities and filed a $1.2 billion lawsuit against 3AC.
Galaxy Digital was likewise exposed to 3AC and is a creditor to the hedge fund. In its most recent quarterly financial report, the investment business reported a $554 million loss and recently canceled a high-profile acquisition of crypto custodian BitGo.
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