Global asset manager GoldenTree offloads crypto unit to Republic

  • Global asset manager GoldenTree has divested its digital asset unit to investment firm Republic, with former partner Joe Naggar assuming the role of CEO at Republic Digital.
  • Republic acquired GoldenChain, a subsidiary of GoldenTree responsible for managing digital asset funds, aiming to harness the combined expertise to seize opportunities in the expanding digital asset landscape.
  • With assets totaling between $120 million and $150 million under management, GoldenChain’s acquisition by Republic marks a shift for GoldenTree, which will now focus solely on investing in cryptocurrency companies.

Global asset manager GoldenTree has sold its digital asset unit to investment firm Republic, with former partner Joe Naggar set to join the company as CEO of the newly formed digital asset-focused entity, Republic Digital.

Republic expands digital asset reach

Republic, an investment firm, acquired GoldenChain, a wholly owned subsidiary of GoldenTree tasked with overseeing the firm’s digital asset funds.

Leveraging the combined expertise of both entities, Republic aims to capitalize on the growing opportunities within the digital asset space.

Republic president Andrew Durgee stated: “We are excited to welcome GoldenChain into the Republic family. We are confident that the combined strengths of Republic and GoldenChain will create compelling opportunities for our investors.”
Joe Naggar, previously head of digital assets at GoldenTree, will transition to the roles of CEO at new division Republic Digital.

According to Naggar, GoldenTree made their decision in September 2023, stating that the cryptocurrency fund was not a “great fit” for asset management that specialized in credit and distressed markets because of the “regulatory and reputational issues” related to the sector.

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GoldenTree exits crypto sector

Naggar also added: “GoldenTree has been a great partner throughout the process, but decided that it wasn’t appropriate. We decided that we would spin the business out in some way shape or form.”

GoldenChain was handling assets worth between $120 million and $150 million at the time.

With this purchase, GoldenTree effectively leaves the cryptocurrency space; it will only invest in cryptocurrency companies rather than own any of them.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, an intern reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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