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Galaxy’s co-head of trading to depart following a string of industry exits, Axios reports

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Galaxy Digital’s co-head of trading Robert Bogucki is leaving for investment firm Brevan Howard’s crypto arm BH Digital, according to a report from Axios. 

Bogucki joined Galaxy Digital in 2021 and worked alongside Jason Urban as co-head of trading. He previously worked in managing director roles at several banks, such as Barclays, Merill Lynch and Lehman Brothers, according to LinkedIn. 

Michael Wursthorn, a spokesperson for Galaxy, confirmed Bogucki’s departure to Axois. Brevan Howard declined to comment on the move to The Block.

A string of executive departures

He is not the only executive on the way out of Galaxy Digital. Michael Jordan, the firm’s co-head of investments, is set to depart the firm to launch a new crypto fund called DBA Crypto. 

Jordan will join several executives from trading firm Genesis in launching the fund. Genesis has also seen a string of departures — including that of CEO Michael Moro, who stepped down on August 17. The Block also reported that Genesis has reduced its headcount by 20%. 

Crypto exchange Kraken’s CEO Jesse Powell also announced he was stepping down this week. 

The changes in Genesis’ leadership appear to be in direct response to the firm’s recent high-profile losses. The trading firm lent $2.36 billion to defunct crypto hedge fund Three Arrows Capital (3AC). Its parent company, Digital Currency Group (DCG), stepped in to take on the firm’s liabilities and made a $1.2 billion claim against 3AC.  

Galaxy Digital also had exposure to 3AC and is listed as a creditor to the hedge fund. The investment firm posted a loss of $554 million in its recent quarterly earnings report and recently terminated a high-profile acquisition of crypto custodian BitGo. 

Galaxy Digital was contacted for comment by The Block but did not respond by press time. 

Update (7:30 a.m. EST): The story has been updated to include Brevan Howard’s response to The Block.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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  • Source: https://www.theblock.co/post/172335/galaxys-co-head-of-trading-to-depart-following-a-string-of-industry-exits-axios-reports?utm_source=rss&utm_medium=rss

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