Top Exec of World’s Largest Hedge Fund Heads to Bitcoin-Focused Firm
The chief financial officer of Bridgewater Associates, the world’s largest hedge fund, is leaving to join a Bitcoin-focused firm.
In a statement released on Friday, New York Digital Investment Group (NYDIG) announced the appointment of John Dalby as its new CFO.
NYDIG, the Bitcoin subsidiary of $10-billion alternative asset manager Stone Ridge, provides BTC custody, execution, derivatives and financing services to its clients.
Before working at Bridgewater, Dalby was the CFO of global investment and tech firm D.E. Shaw Renewables. He also worked at multinational investment bank UBS Group AG, where he served as CFO of UBS Americas, according to his LinkedIn profile.
Dalby’s appointment comes as NYDIG goes through a period of rapid growth. The firm’s founder and executive chairman, Ross Stevens, said that the company expects the value of its Bitcoin assets to increase by 316% in the coming year.
Speaking in February at World.Now, a summit hosted by MicroStrategy to help corporations understand the advantages of Bitcoin, Stevens mapped out the rising interest in the world’s leading cryptocurrency.
“A year ago we had 25 institutional clients. Today we have 280 institutional clients. We’ve got a pipeline in the onboarding process of 96, we can put 75 institutions through the pipe a month. That’s our current capacity. We’ve got over $6 billion in Bitcoin now between what’s in the door and what’s committed from institutions… By the end of the year, Michael, I am confident that we will have over $25 billion of Bitcoin.”
The firm also raised over $300 million in additional capital from strategic partners, including Stone Ridge Holdings Group, investment bank Morgan Stanley, insurance company MassMutual, and diversified global insurer Liberty Mutual.
Says Dalby,
“The growth of NYDIG has been incredible. Every day, more industries come to understand Bitcoin’s potential and more clients seek ways to safely access it. Personally, I share NYDIG’s vision for Bitcoin’s ability to propel economic empowerment for all. I eagerly look forward to doing my part to help NYDIG deliver innovative Bitcoin solutions to institutions and individuals.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Trong Nguyen
The post Top Exec of World’s Largest Hedge Fund Heads to Bitcoin-Focused Firm appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
