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Seeking Alpha 2022-10-03 19:15:55

Bitcoin company NYDIG appoints Goldman alums as new CEO, president

Bitcoin (BTC-USD) firm NYDIG has named Goldman Sachs alums Tejas Shah and Nate Conrad as chief executive officer and president, respectively, it said Monday. In their new roles, Shah and Conrad will focus on accelerating the company's investment in its mining solutions business as well as its platform technology business, which helps banks and non-bank enterprises utilize the Lightening Network for global payments. Shah most recently served as NYDIG's global head of Institutional Finance and Conrad was the global head of Payments. Outgoing CEO Robert Gutmann and President Yan Zhao will remain at NYDIG's parent company Stone Ridge Holdings. The move comes as NYDIG's "balance sheet is the strongest it's ever been, and we're now investing aggressively into a capital-starved market," said Ross Stevens, the firm's founder and executive chairman. For Q3, its bitcoin balances hit a record high, rising nearly 100% year-over-year. Revenue soared 130% through Q2 and is expected to increase further in Q3. NYDIG has acted as a major financing source for a raft of bitcoin (BTC-USD) miners over the past two years, such as Argo Blockchain (ARBK), Iris Energy (IREN) and Stronghold Digital Mining (SDIG). Previously, (June 21) Deloitte teamed up with NYDIG to give clients bitcoin capabilities. 

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