Galaxy Digital Appoints Hedge Fund Veteran Tony Paquette As New CFO
Date
12/14/2024 2:00:47 AM
(MENAFN- eTrendy Stock)
Galaxy Digital Holdings has appointed Tony Paquette, a former executive at Point72, as its new chief financial officer. Paquette will assume the role on January 1, 2025, succeeding Alex Loffe, who will transition to a senior advisory position.
Galaxy Digital's New CFO
The leadership change occurred during a challenging financial period for the company and amid a shifting regulatory environment for the crypto industry in the US.
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Paquette expressed his excitement about joining Galaxy and acknowledged Loffe's contributions to building a“robust finance team” ahead of the firm's potential US listing:
Paquette brings extensive experience to the role, including serving as CFO at Point72, leading a business unit at SoFi, and holding leadership positions during his nearly decade-long tenure at JPMorgan Chase. His arrival coincides with Galaxy Digital's latest earnings report, which revealed a net loss of $54 million-30% higher than the previous quarter-while maintaining $2.1 billion in equity capital as of September 30, 2024.
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Galaxy Digital might continue its upward trajectory despite the recent losses with the incoming Trump administration signaling plans for crypto-friendly regulations in 2025. This could potentially benefit the company's operations and market outlook.
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