2024

Donald Trump

Social Finance

Galaxy

Galaxy Digital Holdings, a financial services and investment firm, has hired former Point72 executive Tony Paquette as its new chief financial officer.
According to an announcement <a data-ct-non-breakable="null" href="https://investor.galaxy.com/news/news-details/2024/Galaxy-Names-Tony-Paquette-as-Chief-Financial-Officer/default.aspx" rel="null" target="null" text="null" title="null">published</a> on Dec. 13, Paquette is set to replace current chief financial officer Alex Loffe, who will move into a senior advisory role on Jan. 1.
The turnover comes amid a period of financial turmoil for the company and a rapidly changing regulatory environment for cryptocurrency and blockchain technology in the US.&nbsp;
“I am thrilled to join Galaxy,” said Paquette. He also expressed his gratitude to his predecessor, Loffe, “for building a robust finance team that has helped to prepare Galaxy for a potential US listing.”&nbsp;
<h2 id="galaxy-digital-s-financials">Galaxy Digital’s financials</h2>
Paquette’s prior experience includes a four-year stint as chief financial officer at global investment firm Point72, a turn as a business unit leader at Social Finance (SoFi), and nearly 10 years at JPMorgan Chase holding numerous leadership positions.&nbsp;
His tenure at Galaxy Digital will begin on the heels of the company’s most recent earnings report, where the firm reported a net loss of $54 million — up 30% over the previous quarter. The firm boasted $2.1 billion in equity capital as of Sept. 30.&nbsp;
Despite its financial loss, Galaxy Digital appears well-positioned to continue its quarter-over-quarter momentum as the incoming Donald Trump presidential administration signals its intent to install pro-crypto regulation in 2025.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/avalanche-raises-250-million-ahead-avalanche9000-launch" rel="null" target="null" text="null" title="null">Avalanche raises $250M ahead of Avalanche9000 launch</a>
<h2 id="the-incoming-trump-presidency">The incoming Trump presidency</h2>
As Cointelegraph reported, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/galaxy-digital-clocks-biggest-trading-day-year-us-election-day-report" rel="null" target="null" text="null" title="null">Galaxy Digital clocked its biggest trading day of 2024</a> on Nov. 5, the day the 2024 US election was called and Trump was presumptively declared president-elect.
In the time since, Trump has vowed to make the US the Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>), crypto and blockchain capital of the world. Republicans have also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sen-lummis-introduces-bitcoin-strategic-reserve-bill-senate" rel="null" target="null" text="null" title="null">pushed for a federal Bitcoin reserve</a> to fight inflation and reduce the national deficit.&nbsp;<iframe width="100%" height="315" src="https://www.youtube.com/embed/ddVTOZ5kqt4" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Galaxy CEO Michael Novogratz has been somewhat critical of the idea of a Bitcoin strategic reserve, calling it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-strategic-reserve-low-probability-under-trump-mike-novogratz" rel="null" target="null" text="null" title="null">unlikely under Trump</a> and saying the US dollar doesn’t need any further backing to maintain its dominance.&nbsp;
However, Novogratz said BTC could reach $500,000 if the Trump administration is successful in establishing a Bitcoin reserve.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/how-shibtoshi-gambled-95k-shiba-inu-billionaire/" rel="null" target="null" text="null" title="null">How Shibtoshi gambled 37 ETH and became a Shiba Inu billionaire</a>

Galaxy Digital hires veteran hedge fund executive as new CFO

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Cointelegraph

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